Joyce,age 40,and Sam,age 42,who have been married for seven years,are both active participants in qualified retirement plans.Their total AGI for 2013 is $120,000.Each is employed and earns a salary of $65,000.What are their combined deductible contributions to traditional IRAs?

Question

Quizplus · Accepted Answer

Since both Joyce and Sam are active participants in qualified retirement plans and their AGI exceeds the phase-out limit for deductible IRA contributions for 2013, they are not eligible to make deductible contributions to traditional IRAs.

Joyce,age 40,and Sam,age 42,who Have Been Married for Seven Years,are