H (Age 50) and W (Age 48) Are Married but Only

question 51

Multiple Choice

H (age 50) and W (age 48) are married but only W is employed. She is not covered by a retirement plan at work. She earns $75,000 during the year and they have combined AGI of $78,000 before any IRA contribution. In 2018, the maximum amount together they may contribute to tax deductible IRAs is

• A) $11,000.
• B) $6,500.
• C) $5,500.
• D) $12,000.

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Definitions:

Recall

A Progressive-era reform that allowed the removal of public officials by popular vote.

Historical Significance

The importance assigned to a past event, based on its impact on the present and its influence on or relevance to historical development or understanding.

New Nationalism

A political philosophy advocated by President Theodore Roosevelt, emphasizing vigorous government intervention to promote social justice and the economic welfare of the underprivileged.

Historical Significance

The importance assigned to an event, object, or person in history, based on its impact, influence, and consequences on the course of historical developments.