Paul and Lois Lee, both age 50, are married and filed a joint return for 2016. Their 2016 adjusted gross income was $107,000, including Paul's $82,000 salary. Lois had no income of her own. Neither spouse was covered by an employer-sponsored pension plan. What amount could the Lees contribute to IRAs for 2016 to take advantage of their maximum allowable IRA deduction in their 2016 return?
a) $5,500
b) $0
c) $13,000
d) $12,000
Ans: c) $13,000
Business
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