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a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2019 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2019

Respuesta :

Answer:

Phil = $6,000

Linda = $6,000

Explanation:

In the year 2019, and in the year 2020, the maximum contribution allowed = $6,000, also in case the age = 50 or more than that the maximum contribution allowed = $7,000.

Thus, on a general note here it is assumed that both Linda and Phil are less than the age of 50.

Further, in case joint return is filed then there is different formula to calculate the deductible contribution amount.

Here it shall be $6,000 each for both of them.

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