Tucker (age 52)and Elizabeth (age 48)are a married couple.Tucker is covered under a qualified retirement plan at his job and earned $90,000 in 2015.Elizabeth 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 $25,000.What is the maximum amount of tax deductible contributions may be made to a traditional IRA?

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Quizplus · Accepted Answer

Based on the given information, Tucker is covered under a qualified retirement plan which makes him ineligible for a tax-deductible contribution to a traditional IRA. However, Elizabeth is not covered under a qualified retirement plan, so she can make a maximum tax-deductible contribution of $5,500 to a traditional IRA. Therefore, the maximum amount of tax-deductible contributions that may be made to a traditional IRA for this couple is $5,500.

Tucker (Age 52)and Elizabeth (Age 48)are a Married Couple