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V. Mr. and Mrs. Black are married and file a joint tax return. Mr. Black...

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Accounting

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V. Mr. and Mrs. Black are married and file a joint tax return. Mr. Black is 45 years old; Mrs. Black is 40 years old. Mr. Black actively participates in an employer-sponsored retirement plan; Mrs. Black does not actively participate in an employer-sponsored retirement plan. During 2020 Mr. Black had earned income of $105,000; Mrs. Black had earned income of $ 95,000. During 2020 their adjusted gross income was $202,000. Both Mr. and Mrs. Black want to make the maximum deductible contribution to their IRAS. Both Mr. and Mrs. Black want to make the maximum contribution to their Roth IRAS. Required: 1. Determine Mr. Black's maximum deductible contribution to his IRA and the maximum contribution to his Roth IRA. 2. Determine Mrs. Black's maximum deductible contribution to her IRA and the maximum contribution to her Roth IRA

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