Sammy, Age 31, Is Unmarried and Is Not an Active

question 101

Multiple Choice

Sammy, age 31, is unmarried and is not an active participant in a qualified retirement plan. His modified AGI is $55,000 in 2017. The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:

• A)$2,800.
• B)$3,500.
• C)$5,000.
• D)$5,500.
• E)None of the above.

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Definitions:

Identity Versus Confusion

A stage in Erik Erikson's theory of psychosocial development where adolescents explore their independence and develop a sense of self.

Adolescence

The period of transition from childhood to adulthood, typically involving physical, psychological, and social changes.

Integrity Versus Despair

A stage in Erik Erikson's theory of psychosocial development in which aged individuals reflect on their life and either achieve a sense of satisfaction or fall into despair over unaccomplished goals.

Late Adulthood

A stage in human development typically categorized by ages 65 and older, often marked by retirement and an increased focus on social relationships, health, and leisure.