Tyler (age 50)and Connie (age 48)are a married couple.Tyler is covered under a qualified retirement plan at his job and earned $175,000 in 2015.Connie is employed as a lab technician and earned $30,000 but is not covered under a qualified retirement plan.They file a joint return; have interest and dividend income of $30,000.What is their maximum for AGI deduction for contributions to a traditional IRA?

Question

Quizplus · Accepted Answer

Since Tyler is covered by a qualified retirement plan and their joint income exceeds the phase-out limit for 2015, neither Tyler nor Connie can deduct contributions to a traditional IRA.

Tyler (Age 50)and Connie (Age 48)are a Married Couple