Darlene, age 35, and Devin, age 36, are martied. Darlene earns $48,000, and Devin earns $41,000. Their adjusted gross income is $97,000. Darlene's employer provides her with a qualified pension plan; Devin's does not. What is Darlene and Devin's maximum combined IRA contribution and deduction amounts? Contribution Deduction O $12,000 S10,725 O S12,000 $12,000 O $12,000 $6,000 O $12,000 $8,000
Darlene, age 35, and Devin, age 36, are martied. Darlene earns $48,000, and Devin earns $41,000. Their adjusted gross income is $97,000. Darlene's employer provides her with a qualified pension plan; Devin's does not. What is Darlene and Devin's maximum combined IRA contribution and deduction amounts? Contribution Deduction O $12,000 S10,725 O S12,000 $12,000 O $12,000 $6,000 O $12,000 $8,000
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 50P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT