Sammy,age 31,is Unmarried and Is Not an Active Participant in a Qualified

question 33

Multiple Choice

Sammy,age 31,is unmarried and is not an active participant in a qualified retirement plan.His modified AGI is $55,000 in 2013.The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:

• A)$2,800.
• B)$3,500.
• C)$5,000.
• D)$5,500.
• E)None of the above.

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Definitions:

Political Institutions

Structures and mechanisms of social order and cooperation governing the behavior of a set of individuals within a given human community.

Financial Institutions

Organizations that provide financial services, such as banks, insurance companies, and investment firms.

Social Customs

Traditional practices and norms that dictate behavior within specific communities or societies.

IASC

The International Accounting Standards Committee, a former organization responsible for the development of global accounting standards.