Joyce,age 39,and Sam,age 40,who have been married for seven years,are both active participants in qualified retirement plans.Their total AGI for 2010 is $120,000.Each is employed and earns a salary of $65,000.What are their combined deductible contributions to traditional IRAs?
A) $0.
B) $3,000.
C) $4,000.
D) $8,000.
E) None of the above.
Correct Answer:
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