The Maximum Tax Deductible Contribution to a Roth IRA in 2014

question 55

True/False

The maximum tax deductible contribution to a Roth IRA in 2014 is $5,500 ($6,500 for a taxpayer age 50 or over).

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Definitions:

Trade Credit

Credit extended by suppliers in which the buyer agrees to pay for goods and services received now at a later date.

Short-Term Loan

a borrowing arrangement designed to provide funds for a short period, typically less than a year, and is used for immediate financial needs.

Supplier

An individual or company that provides goods or services to another entity, typically as part of a supply chain.

Venture Capitalist

An investor who provides capital to startup companies and small businesses with perceived long-term growth potential in exchange for equity or an ownership stake.