If a Married Taxpayer Is an Active Participant in Another

question 84

True/False

If a married taxpayer is an active participant in another qualified retirement plan,the traditional IRA deduction phaseout begins at $98,000 of AGI for a joint return in 2016.

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Definitions:

Keebler, Inc.

An American cookie and former cracker manufacturer, known for its elfin characters and cookie varieties.

Common Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the corporation's profits or losses.

Convertible Bond

A financial instrument that can be converted by the bondholder into a predetermined quantity of the issuer's company shares at certain intervals throughout the bond's life, generally at the bondholder's discretion.

Straight Bond Value

The value of a bond without any embedded options; it pays fixed interest and returns the principal at maturity.