What deductible contribution amount may the following individuals make to an IRA in 2016? Assume none of the persons listed or their spouses participate in an employer-sponsored pension plan, and none are age 50 or over?
| Person | Single | AGI |
|---|---|---|
| Larry | Single | $32,000 |
| Mark | Married | $87,000 |
| Lee Anne | Single | $56,000 |
| Dennis | Married | $120,000 |
Since the persons listed or their spouses are not participating in an employer-sponsored pension plan and are of not 50 or more age, the contribution deductible is as follows:
1. Larry, filing single, can contribute $5,500 as the AGI is less than $117,000.
2. Mark, filing married, can contribute $5,500 as the AGI is less than $184,000
3. Lee Anne, filing single, can contribute $5,500 as the AGI is less than $117,000.
4. Dennis, filing married, can contribute $5,500 as the AGI is less than $184,000.
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