Carl, age 59, and Cindy, age 49, are married and file a joint return. During the current year, Carl had a salary of $41,000 and Cindy had a salary of $35,000. Both Carl and Cindy are covered by an employer-sponsored pension plan. Their adjusted gross income for the year is $94,000. Determine the maximum IRA contribution and deduction amounts.
$\begin{array} { c c }
\text { Maximum }&\text { Maximum } \
\text { Contribution }&\text { Deduction }
\end{array} $

Question

Carl, age 59, and Cindy, age 49, are married and file a joint return. During the current year, Carl had a salary of $41,000 and Cindy had a salary of $35,000. Both Carl and Cindy are covered by an employer-sponsored pension plan. Their adjusted gross income for the year is $94,000. Determine the maximum IRA contribution and deduction amounts.
$\begin{array} { c c } 
\text { Maximum }&\text { Maximum } \
\text { Contribution }&\text { Deduction }
\end{array} $

Quizplus · Accepted Answer

The Answer of Carl, age 59, and Cindy, age 49, are married and file a joint return. During the current year, Carl had a salary of $41,000 and Cindy had a salary of $35,000. Both Carl and Cindy are covered by an employer-sponsored pension plan. Their adjusted gross income for the year is $94,000. Determine the maximum IRA contribution and deduction amounts.
$\begin{array} { c c } 
\text { Maximum }&\text { Maximum } \
\text { Contribution }&\text { Deduction }
\end{array} $

Carl, Age 59, and Cindy, Age 49, Are Married and File