Business, 08.01.2021 17:40 josebienka

• Herb and Alice are married and me a joint return. Herb is 74 years old. Alice tumed 70 on February 3, 2020. Neither are blind. • Herb is a retired school teacher, but continues to work part-time as a substitute teacher. Alice is retired.
• Herb earned $15,000 in wages. They also receive pension and Social Security Income and sold some stock. Their combined AGI is $45.000
• Both Herb and Alice are U. S. citizens and have valid Social Security numbers.
What is the maximum contribution Herb and Alle can make to their traditional IRAS?
A. $0 because Herb and Alice are both over 70 1/2
B. $6,000 for Herb and $6,000 for Alice
C. $7,000 for Herb, because he is over 50, and $0 for Alice because she had no eamings
D. $7,000 for Herb and $7,000 for Alice

Answers: 1

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• Herb and Alice are married and me a joint return. Herb is 74 years old. Alice tumed 70 on February...