Escobar and Rose are both age 36 and file a joint return. Neither is covered under an employer plan. Escobar earned $121,000 of compensation in 2022. Rose worked part-time and earned $1,200. What is the maximum combined deductible IRA contribution they can make in 2022?   Multiple Choice   $12,000.   $7,200.   $0.   $6,000.

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
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Escobar and Rose are both age 36 and file a joint return. Neither is covered under an employer plan. Escobar earned $121,000 of compensation in 2022. Rose worked part-time and earned $1,200. What is the maximum combined deductible IRA contribution they can make in 2022?

 

Multiple Choice
  •  

    $12,000.

  •  

    $7,200.

  •  

    $0.

  •  

    $6,000.

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