Realizing That Providing for a Comfortable Retirement Is Up to Them

question 105

Multiple Choice

Realizing that providing for a comfortable retirement is up to them, Jim and Julie commit to making regular contributions to their IRAs, beginning this year. Consequently, they each make a $2,000 contribution to their traditional IRA. If their AGI is $35,000 on their joint return, what is the amount of their credit for certain retirement plan contributions?

• A)$2,000
• B)$1,000
• C)$400
• D)$200
• E)None of the above

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Definitions:

Western Boundaries

Geographic or political limits of territories located in the western part of a country or region.

Governmental Regulation

The act of controlling, directing, or managing activities, industries, or behaviors through rules or laws by a governing authority.

Private Land Companies

Organizations or enterprises that buy, sell, develop, or manage real estate properties for profit.

National Land Policy

A set of government directives or regulations that guide the acquisition, use, and management of land resources within a country.