For the IRA situations in these problems, determine the amount the taxpayer may

Question

For the IRA situations in these problems, determine the amount the taxpayer may contribute and deduct. Discuss any limitations that might be placed on the contribution or deduction.

1). Maureen is single and is an active participant in a qualified employee pension plan. Determine the maximum Roth IRA contribution that she can make if her adjusted gross income for the year is $71,000.

2)Dennis and Sonya are married and file a joint return. Both are covered by an employee-sponsored pension plan and their adjusted gross income is $90,000. Determine their maximum IRA contribution and deduction for the current year.

Explanation / Answer

For the IRA situations in these problems, determine the amount the taxpayer may

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