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For the year 2013 Fred and Wilma Todd reported the following items of income:
Neither Fred nor Wilma is a participant in a qualified retirement plan and both established traditional individual retirement accounts during the year. Assuming a joint return will be filed for 2013 and that Fred and Wilma are under age 50, what is the maximum amount of deduction that they will be allowed for contributions to their individual retirement accounts? A. $11,000 B. $12,000 C. $ 6,000 D. $ 5500 |