Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2020 is $199,000, and they earn salaries of $87,000 and $95,000, respectively. What amount may Carri and Dane: a. Contribute to regular IRAs? b. Deduct for their contributions in part (a)? c. Contribute to Roth IRAs?
Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2020 is $199,000, and they earn salaries of $87,000 and $95,000, respectively. What amount may Carri and Dane: a. Contribute to regular IRAs? b. Deduct for their contributions in part (a)? c. Contribute to Roth IRAs?
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 40P
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Carri and Dane, ages 34 and 32, respectively, have been married for 11 years, and both are active participants in employer qualified retirement plans. Their total AGI in 2020 is $199,000, and they earn salaries of $87,000 and $95,000, respectively. What amount may Carri and Dane:
a. Contribute to regular IRAs?
b. Deduct for their contributions in part (a)?
c. Contribute to Roth IRAs?
d. Deduct for their contributions in part (c)?
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