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Margaret (23) and her husband, Phil (23), are married and filing a joint return. Margaret...

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Accounting

Margaret (23) and her husband, Phil (23), are married and filing a joint return. Margaret earned $7,700 in wages this year. Phil received $5,120 in unemployment compensation this year. In addition, they received $15,400 in capital gain income from the sale of investment property. If Margaret makes a $5,500 contribution to her Roth IRA, what is the maximum Phil may contribute to his IRA?

$0

$2,200

$5,120

$5,500

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