The Maximum Tax Deductible Contribution to a Roth IRA in 2015

question 38

True/False

The maximum tax deductible contribution to a Roth IRA in 2015 is $5,500 ($6,500 for a taxpayer age 50 or over).

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Definitions:

Dependent

An individual, usually a child or spouse, who relies on another person for more than half of his or her financial support and qualifies for potential tax benefits on the caregiver's tax return.

Tuition

The fee paid for instruction or teaching, typically charged by educational institutions for course enrollment.

Meal Plan

A pre-paid account or arrangement typically offered by institutions like colleges that allows students to pay in advance for meals at on-campus dining facilities.

Lifetime Learning Credit

A tax credit available to individuals who pay higher education costs, aimed at promoting lifelong learning.