Feng,a Single 40-Year-Old Lawyer,is Covered by a Qualified Retirement Plan

question 75

Multiple Choice

Feng,a single 40-year-old lawyer,is covered by a qualified retirement plan at work.His salary is $115,000,and his total AGI is $128,000.The maximum contribution he can make to a Roth IRA in 2019 is

• A)0)
• B)$2,400.
• C)$3,600.
• D)$6,000.

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Definitions:

Cash Balance

The amount of money or cash equivalents that a company or individual possesses at any given time.

Cash Receipts

The collection of money, including coins, notes, negotiable instruments like checks, and electronic funds transferred into a business.

Not-for-Profit Organizations

Entities that operate for purposes other than generating profit, focusing on social, educational, charitable, or other activities serving the public interest.

Budgeted Expenditures

Projected spending for a period, often categorized by expenses and investments, as part of a budget.