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 2017 tax year?

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Quizplus · Accepted Answer

Jody can contribute up to $5,500 to her traditional IRA for 2017. Since she has no retirement plan through work, her contribution is fully deductible. Andre can also contribute up to $5,500 to his traditional IRA, but his contribution may not be deductible since he has no earned income. Therefore, the maximum total amount they can contribute and deduct is $11,000.

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