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Author Question: Which of the following persons can establish a traditional IRA? I. A person whose only income ... (Read 16 times)

gonzo233

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on: Jul 11, 2018
Which of the following persons can establish a traditional IRA? I. A person whose only income received is from investments. II. A 75 year-old man who has earned taxable income.
 
  A) I only
  B) II only
  C) both I and II
  D) neither I nor II

Question 2

Donna, age 50, is single and earns 40,000 annually. She is covered under her employer's retirement plan. Donna would like to start a traditional IRA and contribute 4,000 this year.
 
  Which of the following describes her ability to establish a traditional IRA and the tax treatment of her contribution?
  A) Her contribution is fully tax deductible.
  B) Her contribution is partially tax deductible.
  C) No portion of the contribution is tax deductible.
  D) Donna is not eligible to establish a traditional IRA, so no contribution can be made.


lgoldst9

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Reply #1 on: Jul 11, 2018
Answer to Question 1

Answer: D

Answer to Question 2

Answer: A


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gonzo233

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Reply #2 on: Jul 11, 2018
TY


lgoldst9

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Reply #3 on: Jul 11, 2018
Happy to Help


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