Robert, age 44, asks about sp
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Robert, age 44, asks about spousal IRAs. He is married and his wife, also age 44, is not employed
outside the home. Robert is covered by a qualified plan at work and his AGI is $100,000. How
much can be contributed to his spouse's traditional IRA for this year?
$7,000
O $6,000
$3,000
$0

Transcribed Image Text:Carol is age 65 and single. She has no earned income but does make about $10,000 a year from
interest and dividends. Which of the following statements is true?
She may make a $7,000 contribution to a Roth IRA this year.
She may make a traditional IRA or a Roth IRA contribution this year.
She may make a $7,000 contribution to a traditional IRA this year.
O She may not make a traditional IRA or Roth IRA contribution this year.
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