During 2013,Marcia,who Is Single and Is Covered Under a Pension

question 87

Multiple Choice

During 2013,Marcia,who is single and is covered under a pension plan at work,contributes $5,500 into a Roth IRA.If her AGI is $63,000,which of the following is true?

• A)All of the contribution is deductible.
• B)None of the contribution is deductible.
• C)She must withdraw all of the contribution immediately since she is covered under a plan at work.
• D)Only 60% of the contribution is deductible since her AGI exceeds $59,000 by $4,000 and her maximum contribution is phased out by 40%.

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Definitions:

Line Department

A unit that is directly involved in the basic objectives of an organization.

Direct Authority

The power explicitly given to an individual or organization to make decisions, take action, and direct others within a specified area or function.

Vice Presidents

Executives below the president in a company's hierarchy, often overseeing specific departments or operations within the organization.

Line Positions

Positions or roles within an organization that have direct responsibility for achieving the company's primary objective.