Sophia and Grace, both age 42, are married, file a joint tax return, and have a combined AGI of $98,000. Sophia participates in her company's 401(k) plan but Grace's employer does not offer a retirement plan. What is the maximum deductible IRA contribution for Sophia and Grace in 2023? $4,800 for Sophia and $4,800 for Grace. $4,800 for Sophia and $4,800 for Grace. $1,200 for Sophia and $6,000 for Grace. $6,500 for Sophia and $6,500 for Grace.

Sophia and Grace, both age 42 , are married, file a joint tax return, and have a combined AGI of $98,000. Sophia participates in her company's 401(k) plan but Grace's employer does not offer a retirement plan. What is the maximum deductible IRA contribution for Sophia and Grace in 2023? $4,800 for Sophia and $4,800 for Grace. $4,800 for Sophia and $4,800 for Grace. $1,200 for Sophia and $6,000 for Grace. $6,500 for Sophia and $6,500 for Grace