If a Married Taxpayer Is an Active Participant in Another

question 47

True/False

If a married taxpayer is an active participant in another qualified retirement plan, the traditional IRA deduction phaseout begins at $99,000 of AGI for a joint return in 2017.

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Definitions:

Internal Controls

Procedures and processes implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Accounts Testing

The evaluation and verification of financial account records through various audit procedures to ensure the accuracy and reliability of financial statements.

Illegal Act

An action that is forbidden by law and subject to criminal or civil penalties.

Auditors

Professionals who examine financial records to ensure their accuracy and compliance with applicable rules and regulations.