ואום 32
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted
gross income of $50,000, and they are filing a joint income tax return for 2013.
(a)What is the maximum per person IRA contribution they can make? (Assume that Dixie
earns at least $5,500 per year).
Maximum per person IRA
contribution
5500 each
(b)How much of their combined contributions is tax deductible?
Tax deductible
contribution
$ 10000 X
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