Concerning Individual Retirement Accounts (IRAs)

question 72

Multiple Choice

Concerning individual retirement accounts (IRAs) ,
I.A single taxpayer that is an active participant in a qualified plan and has adjusted gross income of $64,000 may contribute and deduct up to $5,500 of the annual contribution.
II.A taxpayer who is not an active participant and whose spouse does not work may contribute $11,000 into two separate IRAs but can only deduct $5,500 for AGI.​

• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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U.S. Exports

Goods and services produced in the United States and sold to other countries.

Deflation

A decrease in the general price level of goods and services, often indicating a contraction in the overall economy.

Real Output

The quantity of goods and services produced in an economy, adjusted for inflation, representing true productivity.

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Agreements between parties that last over an extended period, often used to secure pricing, terms, and conditions.