Isabelle and Marshall are married with salaries of $50,000 and $45,000,respectively.Adjusted gross income on their jointly filed tax return is $103,000.Both individuals are active participants in employer provided qualified pension plans.What are Isabelle and Marshall's maximum combined IRA contribution and deduction amounts?

Contribution Deduction
A)$-0- $-0-
B)$11,000 $2,500
C)$11,000 $5,500
D)$11,000 $8,800
E)$11,000 $11,000

Question

Isabelle and Marshall are married with salaries of $50,000 and $45,000,respectively.Adjusted gross income on their jointly filed tax return is $103,000.Both individuals are active participants in employer provided qualified pension plans.What are Isabelle and Marshall's maximum combined IRA contribution and deduction amounts?
​
Contribution Deduction
A)$-0- $-0-
B)$11,000 $2,500
C)$11,000 $5,500
D)$11,000 $8,800
E)$11,000 $11,000

Quizplus · Accepted Answer

The Answer of Isabelle and Marshall are married with salaries of $50,000 and $45,000,respectively.Adjusted gross income on their jointly filed tax return is $103,000.Both individuals are active participants in employer provided qualified pension plans.What are Isabelle and Marshall's maximum combined IRA contribution and deduction amounts?
​
Contribution Deduction
A)$-0- $-0-
B)$11,000 $2,500
C)$11,000 $5,500
D)$11,000 $8,800
E)$11,000 $11,000

Isabelle and Marshall Are Married with Salaries of $50,000 and $45,000,respectively.Adjusted