Sara, age 30, and Luke, age 31 file married filing jointly. Sara does not have...
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Accounting
Sara, age 30, and Luke, age 31 file married filing jointly. Sara does not have the opportunity to participate in a qualified retirement plan. Luke is an active participant in a qualified retirement plans at work. They have an adjusted gross income of $198,000.
1-What is the combined maximum they contributed to traditional IRAs?
2-How much of their contributions are deductible?
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