Mr and Mrs

Mr. and Mrs. Alexander, ages 43 and 44, each earn substantial salaries but do not participate in any type of employer-sponsored qualified retirement plan. Which of the following is true?

A) The couple can each contribute $6,000 to a traditional IRA and take an $12,000 itemized deduction on their joint Form 1040.
B) The couple can each contribute $6,000 to a traditional IRA and take an $12,000 above-the-line deduction on their joint Form 1040.
C) The couple can each contribute $3,000 to a traditional IRA and take a $6,000 above-the-line deduction on their joint Form 1040.
D) The couple can each contribute $3,000 to a traditional IRA and take a $6,000 itemized deduction on their joint Form 1040.

Correct Answer:

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