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12 February, 07:41

Martha and Rob, a married couple, under 50 years of age, have adjusted gross income on their 2019 joint income tax return of $45,000, before considering any IRA deduction. Martha and Rob have no earned income. What is the amount of Martha's maximum deductible IRA contribution?

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  1. 12 February, 07:43
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    Answer: $0

    Explanation:

    In the United States tax law, there exists 2 principal types of IRAs. They include: the traditional IRA and the Roth IRA.

    Annual contributions are deductible when made to a traditional IRA, and in which case tax is paid on the retirement distributions.

    But annual contributions made to a Roth IRA aren't deductible, and in which case taxes are not paid on retirement distributions.

    Martha's maximum deductible IRA contribution is $0 because taxes are not paid in the current year on earnings in both types of IRAs.
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