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zhannawk [14.2K]
2 years ago
12

Question 3. Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $95,000 in 2017,

and they are filing a joint income tax return. Both have an employer-provided retirement plan at work. What is the maximum IRA contribution they can make? How much of that contribution is tax deductible?
Mathematics
1 answer:
Semenov [28]2 years ago
4 0

The maximum IRA contribution for 2017 and 2018 was <u>$5,500</u> and the amount is fully tax-deductible.

<h3>What is an IRA contribution?</h3>

An individual retirement account (IRA) contribution is a tax-advantaged contribution that allows the taxpayer to save money for retirement.

Given the couple's adjusted gross income of $95,000 in 2017, the maximum IRA contribution is $5,500 fully tax-deductible.

IRA contributions fall into:

  • Traditional IRA (tax on withdrawals)
  • Roth IRA (after-tax contributions).

Thus, the maximum IRA contribution for 2017 and 2018 was <u>$5,500</u> and the amount is fully tax-deductible.

Learn more about IRA contributions at brainly.com/question/2108625

#SPJ1

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I hope this helps you




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