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

question 156

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 2012.The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:

• A)$2,800.
• B)$3,500.
• C)$4,000.
• D)$5,000.
• E)None of the above.

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Definitions:

Etruscan

Pertaining to an ancient civilization of Italy, known for its art, architecture, and complex society before Roman expansion.

Chimera of Arezzo

An ancient Etruscan bronze statue representing the mythological creature Chimera, noted for its artistic craftsmanship and significance in ancient art.

Bronze Statue

A sculpture made from bronze, a durable metal alloy, often used for significant historical, mythological, or artistic figures.

Etruscan Art

An ancient form of art from the Etruscan civilization of Italy, known for its tomb paintings, sculptures, and metalwork, predating Roman culture.