If Only One Spouse Is Employed,and That Spouse Is Not

question 44

True/False

If only one spouse is employed,and that spouse is not covered under an employer-sponsored retirement plan,then the non-working spouse can make a deductible contribution to his or her own IRA.

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Definitions:

Gallium Arsenide

A compound of gallium and arsenic that is used in semiconductor devices, including integrated circuits and photovoltaic cells.

Monopoly

A market structure characterized by a single seller, offering a unique product or service without close substitutes, leading to control over pricing.

Mutual Mistake

A legal doctrine where both parties entering into a contract have an incorrect belief about an important fact, potentially rendering the contract voidable.

Unilateral Mistake

A legal concept wherein one party to a contract is mistaken about a fundamental fact or term of the agreement.