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1.
If you have an IRA and are covered by another qualified retirement plan, you must use your tax bracket to figure how much of your IRA contributions are tax-deductible.
False. You must use your adjusted gross income.
2.
If you are unmarried and you earn no money at all from work this year, how much can you contribute to an individual retirement account for this year?
Nothing. If you are unmarried, you must have earned income in order to contribute.
3.
When two spouses married to each other each have IRAs and only one of them is also covered by an employer-sponsored retirement plan, both spouses may take a tax deduction on their IRA contributions. These tax deductions are limited by their _______.
Joint adjusted gross income.
4.
Depending on family adjusted gross income and participation in an employer-sponsored retirement plan, each spouse with an IRA can take a tax deduction on _______ of his or her traditional IRA contribution.
All or part. The actual amount will depend upon his or her income.
5.
If you do not qualify for IRA tax deductibility, you can still contribute to an IRA.
True. As long as you have earned income, you can contribute, regardless of whether you can deduct.