Multiple Choice
Which of the following statements regarding traditional IRAs is true?
A) Once a taxpayer reaches age 55 years of age she is allowed to contribute an additional $1,000 a year.
B) Taxpayers with high income are not allowed to contribute to traditional IRAs.
C) Taxpayers who participate in an employer-sponsored retirement plan are allowed to deduct contributions to a traditional IRA regardless of their AGI.
D) A single taxpayer with no earned income is not allowed to deduct contributions to traditional IRAs.
Correct Answer:
Verified
Correct Answer:
Verified
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