What is the maximum ira contribution

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Could you please help me with the following word problem?

Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $95,000 in 2017, and they are filing a joint income tax return. Both have employer-provided retirement plans at work. What is the maximum IRA contribution they can make? How much of that contribution is tax-deductible?

Please explain what equation is used to find the answers.

Reference no: EM132348496

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