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H (Age 50)and W (Age 48)are Married but Only W

Question 137

Multiple Choice

H (age 50) and W (age 48) are married but only W is employed.She is not covered by a retirement plan at work.She earns $75,000 during the year and they have combined AGI of $78,000 before any IRA contribution.In 2016,the maximum amount together they may contribute to tax deductible IRAs is


A) $5,500.
B) $6,500.
C) $11,000.
D) $12,000.

Correct Answer:

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