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Paul and Lois Lee, both age 50, are married and filed a joint return for...

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Accounting

Paul and Lois Lee, both age 50, are married and filed a joint return for 2024. Their 2024 adjusted gross income was $145,000, including Pauls $140,000 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 2024 to take advantage of their maximum allowable IRA deduction in their 2024 return?
$15,000
$7,000
$0
$16,000

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