In 2016 hunter and monda both under age 50 had compensation, Accounting Basics

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In 2016 hunter and monda both under age 50 had compensation

Question: In 2016, Hunter and Monda (both under age 50) had compensation income of $1,000,000 and $200,000, respectively. Adjusted gross income on their joint return was $1, 200,000, and neither taxpayer was a participant in a qualified retirement plan. How much may each contribute to a traditional IRA account and deduct from taxable income?

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Accounting Basics: In 2016 hunter and monda both under age 50 had compensation

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