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:

Almetals Inc.

A company specializing in the processing and distribution of precision metal slits, coils, and sheets, primarily for the automotive and manufacturing industries.

Unique Goods

Unique goods are products or items that are distinct due to their rare characteristics, custom features, or individual qualities, making them one-of-a-kind.

Cover

A buyer’s right to substitute goods for those due under a sales or lease agreement when the seller provides nonconforming goods.

Substitute Goods

Products that can be used in place of each other, satisfying the same needs or wants.