Escobar and Rose are both age 36 and file a joint return.Neither is covered under an employer plan.Escobar earned $121,000 of compensation in 2014.Rose worked part-time and earned $1,200.What is the maximum deductible IRA contribution they can make in 2014?

Question

Quizplus · Accepted Answer

Since neither Escobar nor Rose is covered by an employer plan, they can each contribute up to the maximum IRA limit for 2014, which is $5,500 per person. Therefore, together they can contribute a total of $11,000.

Escobar and Rose Are Both Age 36 and File a Joint