You must apple the tax law in effect for tax year 2023( even though we must use the 2022 forms and schedules because not all of the 2023 forms and schedules are available at this time) and you must assume you are preparing the return in April 2024.

5. Husband is age 51 and wife is age 49. They have AGI of $126,000. Both of them are active participants in a qualified plan with their employers. The TPs file using the married filing jointly status. If they want to take the maximum combined deduction for contributions to their traditional IRAs, they will deduct S a. $14,000; Schedule 1, Line 16. b. $13,000; Schedule 1, Line 20 c. $14,000; Schedule 1, Line 20. a $7000 Schedule 1. Line 20. on