Jody is a physician (not covered by a retirement plan)with a salary of $40,000 from the hospital where she is employed.She supports her husband, Andre, who sells art work and has no earned income.Both are in their twenties.What is the maximum total amount that Jody and Andre may contribute to their IRAs and deduct for the 2018 tax year?

Question

Quizplus · Accepted Answer

Jody can contribute up to $5,500 to her traditional IRA for the 2018 tax year since she is under the age of 50. Since she is married and files a joint tax return, Andre can also contribute up to $5,500 to a spousal IRA since he has no earned income. Therefore, the maximum total amount they may contribute and deduct for the 2018 tax year is $11,000 ($5,500 for each of them).

Jody Is a Physician (Not Covered by a Retirement Plan)with