A Taxpayer Must Make Contributions to a Regular or Roth

question 4

True/False

A taxpayer must make contributions to a regular or Roth IRA prior to the end of the year in order to claim the deduction for that year.

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Definitions:

Latchkey Children

Refers to children who return to an empty home after school or are left unsupervised for long periods because their parents are at work.

Generation X

The demographic cohort following the Baby Boomers, typically defined as being born from the mid-1960s to early 1980s.

Generational Cohort

A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

Demographic Data

Information collected about populations or specific groups, including statistics on age, gender, income, race, and education, used for analysis and policy-making.