Question

marguerite is an active participant in an employer-sponsored retirement plan, but her husband, frank, is not. their combined adjusted gross income (agi) for 2022 is $230,000. they each contributed $6,000 to an ira this year. which of these statements regarding the deductibility of the ira contributions is correct?

Answer 1

The correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is D) Both Frank and Marguerite may deduct their IRA contributions.

What are IRA deductible contributions?

If you are an active participant in an employer-sponsored retirement (and your spouse is not covered by an employer retirement plan), the traditional IRA contributions are tax-deductible up to a maximum of $6,000.

If both joint filers are not covered by the employer retirement plan, their traditional IRA contributions are fully tax-deductible.

Data:

Adjusted Gross Income for 2022 = $230,000

IRA contribution = $6,000 each

Total IRA contributions = $12,000

Thus, the correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is Option D. Both may deduct their IRA contributions.

Learn more about IRA deductible contributions at brainly.com/question/9969005

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Question Completion with Answer Options:

A) Marguerite and Frank should open a Roth IRA instead.

B) Frank may deduct his IRA contribution, but Marguerite may not deduct hers.

C) Neither Marguerite nor Frank may deduct an IRA contribution.

D) Both Frank and Marguerite may deduct their IRA contributions.