What Is the Maximum Deductible Contribution That Erick (Age 32

question 9

Multiple Choice

What is the maximum deductible contribution that Erick (age 32 and single) can make in 2018 to an Individual Retirement Account(s) if he earns $62,000 and is not covered by an employer-sponsored retirement plan?

• A) $6,500 ($5,500 plus an extra $1,000 catch-up contribution) to a traditional IRA and zero to a Roth IRA.
• B) $5,500 to a traditional IRA but only $1,500 additional to a Roth IRA
• C) $5,500 to a traditional IRA
• D) $4,500 to a traditional IRA due to the income limitation AGI Phase-Out Ranges for 2018 IRAs

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Definitions:

Loss of Independence

The reduction or elimination of an individual's ability to perform daily activities or make decisions autonomously, often due to physical or mental health conditions.

Intellectual Abilities

The mental capacity to learn, reason, solve problems, and adapt to new situations.

Reaction Time

The duration it takes for an individual to respond to a stimulus.

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