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 2013.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 may be made to a traditional IRA?

Question

Quizplus · Accepted Answer

Since Tucker is covered under a qualified retirement plan, the couple's income exceeds the threshold for deducting traditional IRA contributions. Therefore, they cannot claim any tax deductible contributions to a traditional IRA. The contribution limits are not relevant in this case.

Tucker (Age 52)and Elizabeth (Age 48)are a Married Couple