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

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Chapter15: Choice Of Business Entity—other Considerations
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Darlene, age 35, and Devin, age 36, are maried. Darlene earns $48,000, and Devin earns S41,000. 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
AS10,725
$12,000
$12,000
O S12,000
$6,000
O S12,000
$8,000
O S12,000
$5,000
Transcribed Image Text:Darlene, age 35, and Devin, age 36, are maried. Darlene earns $48,000, and Devin earns S41,000. 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 AS10,725 $12,000 $12,000 O S12,000 $6,000 O S12,000 $8,000 O S12,000 $5,000
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