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 2018. 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 deducting IRA contributions, they cannot deduct contributions to a traditional IRA.

Tyler (Age 50) and Connie (Age 48) Are a Married