Question

Jody is a physician (not covered by retirement plan ) with a salary of $40000 from...

Jody is a physician (not covered by retirement plan ) with a salary of $40000 from the hospital where she is employed .She support , Andre , who sells art work and no earned income.Both are in their twenties. what is the maximum total amount thatcjody and Andre may contribute to their IRAs and deduct for the 2017 tax year?

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Answer #1

Answer:

Maximum amount of contribution to their IRAs for 2017 = $5,500 for Each

                                                                                    = $11,000.

Deduction Amount = Full $ 11000 is allowed for deduction since, Jody and andre are married and not covered in any retirement plan.

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