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an amount is zero, enter "0". Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deduc or contributions to a traditional IRA for 2023? Phil Naoko $ 6,500 V 6,500 ✔ Feedback Check My Work b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductio for contributions to a traditional IRA for 2023? Phil

an amount is zero, enter "0". Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deduc or contributions to a traditional IRA for 2023? Phil Naoko $ 6,500 V 6,500 ✔ Feedback Check My Work b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductio for contributions to a traditional IRA for 2023? Phil

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Phil $ 6,500 Naoko $ Feedback 6,500 V Check My Work b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? $ Phil 6,500 ✔ $ Naoko 6,500 X
Transcribed Image Text:Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Phil $ 6,500 Naoko $ Feedback 6,500 V Check My Work b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? $ Phil 6,500 ✔ $ Naoko 6,500 X
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