Sammy, Age 31, Is Unmarried and Is Not an Active

question 26

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 2019.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)$6,000.
• E)None of these.

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Definitions:

Basic Communication

The fundamental process of sending and receiving messages through verbal or non-verbal means to convey ideas, emotions, and information.

Grapevine

An informal communication network within an organization, allowing information to be spread quickly but not always accurately.

Anticipated Changes

Expected or predicted modifications or adjustments in a situation or environment.

Pending Layoffs

Refers to the anticipated termination of employment for employees, often due to economic downturns, restructuring, or organizational changes.