Mr and Mrs Alexander, ages 43 and 44, each earn substantial salaries but do not participate in any type of employer-sponsored qualified retirement plan. Which of the following is true?
A) The couple can each contribute $5,500 to a traditional IRA and take an $11,000 itemized deduction on their joint Form 1040.
B) The couple can each contribute $5,500 to a traditional IRA and take an $11,000 above-the-line deduction on their joint Form 1040.
C) The couple can each contribute $2,750 to a traditional IRA and take a $5,500 above-the-line deduction on their joint Form 1040.
D) The couple can each contribute $2,750 to a traditional IRA and take a $5,500 itemized deduction on their joint Form 1040.
Correct Answer:
Verified
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