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1.
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.
2.
The traditional individual retirement account has all of the following characteristics except for ______.
Contributions that are never tax-deductible. They can be if certain conditions are met. It is the Roth IRA whose contributions are never deducted from taxable income.
3.
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.
4.
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.
5.
Your contributions to an IRA are fully tax deductible if _______.
You are not also covered by an employer-sponsored retirement plan. In this case, you get the full deduction.