Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? $ Phil 6,500 V Naoko 6,500 Feedback Check My Work There are two principal types of IRAS in the U.S. tax law. One is the traditional IRA and the other is the Roth IRA. Annual contributions to a traditional IRA are deductible, and retirement distributions are taxable. The annual deduction maximums are reduced for traditional IRAS if the taxpayer is an active participant in another qualified retirement plan. b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023?
Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? $ Phil 6,500 V Naoko 6,500 Feedback Check My Work There are two principal types of IRAS in the U.S. tax law. One is the traditional IRA and the other is the Roth IRA. Annual contributions to a traditional IRA are deductible, and retirement distributions are taxable. The annual deduction maximums are reduced for traditional IRAS if the taxpayer is an active participant in another qualified retirement plan. b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 65P
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Transcribed Image Text:Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not.
If an amount is zero, enter "0".
a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions
for contributions to a traditional IRA for 2023?
Phil
Naoko
$
6,500 ✔
6,500 V
Feedback
Check My Work
There are two principal types of IRAS in the U.S. tax law. One is the traditional IRA and the other is the Roth IRA. Annual contributions to a traditional IRA are
deductible, and retirement distributions are taxable. The annual deduction maximums are reduced for traditional IRAS if the taxpayer is an active participant in
another qualified retirement plan.
b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions
for contributions to a traditional IRA for 2023?
Phil
6,500 ✔
Naoko
$
6,500 X
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