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 2018. 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 that may be made to a traditional IRA?

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Quizplus · Accepted Answer

Tucker can contribute up to $5,500 to a traditional IRA, and Elizabeth can contribute up to $11,000 because she is not covered by a qualified retirement plan.

Tucker (Age 52) and Elizabeth (Age 48) Are a Married