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Steve and Judy Colburn are married filing jointly and wish to contribute to separate traditional IRA accounts. Judy works as a college professor and earns
Steve and Judy Colburn are married filing jointly and wish to contribute to separate traditional IRA accounts. Judy works as a college professor and earns $130,000 in 2019. Steve earns $50,000 and is not covered by a retirement plan. Judy is covered by a qualified plan at work.
1. What is the maximum deductible amount Steve may contribute to an IRA in 2019?
2. What is the maximum deductible amount Judy may contribute to an IRA in 2019?
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