Sammy,age 31,is Unmarried and Is Not an Active Participant in a Qualified

question 59

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 2014.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 these.

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Definitions:

Interest Group

An organization aimed at influencing public policy and decision-making processes at various levels of government without seeking to stand for election.

Petitioning

The act of formally requesting something from an authority, often involving a written document signed by multiple individuals advocating for a particular cause or action.

Lobbying

The process of trying to affect the choices of government officials, primarily those who are legislators or part of regulatory bodies.

Religious Right

The Religious Right refers to a conservative Christian political faction that advocates for social and political policies based on their interpretation of Christian principles.