Rita is 66 years old. She earned 20,000 this year working part-time at a store and her modified adjusted gross income was 28,000. Rita is considering making a 3,000 contribution to her traditional IRA.
Which of the following statements is true regarding this contribution?
A) Rita cannot contribute to her traditional IRA because she is over age 65.
B) Rita can make a 3,000 contribution to her traditional IRA, but it is not tax deductible.
C) Rita can make a 3,000 contribution to her traditional IRA, but it is only partially tax deductible.
D) Rita can make a 3,000 contribution to her traditional IRA, and it is fully tax deductible.
Question 2
Daryl, age 42, quit his job. His employer offered a defined contribution pension plan, and the balance in the account was 30,000 when Daryl quit. He can avoid immediate taxation of these funds by
A) taking a lump-sum distribution.
B) using an IRA rollover account.
C) receiving the money through four equal installments.
D) using the funds to purchase common stock issued by the former employer.
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