Thomas Maintains an IRA Account

question 28

Multiple Choice

Thomas maintains an IRA account.During the year he wins $10,000 in the state lottery and contributes it to his IRA account.Because he is an active participant in a qualified pension plan,he does not take a deduction for any part of his contribution.At the end of 2013 the total assets in the account are $30,000.Thomas is subject to a penalty on his contribution of

• A)$ -0-
• B)$ 180
• C)$ 270
• D)$1,000
• E)$1,800

---

Definitions:

Solver

A functional tool in software programs, such as Excel, designed to find optimal solutions to complex mathematical models or equations by varying multiple inputs.

Target Cell

In spreadsheet software, a specific cell that is designated for a particular purpose, such as the cell where a formula's result is displayed.

Changing Cells

Cells in spreadsheet software designated for modification, influencing the outcome of formulas or functions dependent on their values.

Constraints

Rules or limitations defined in programming, databases, or problem-solving scenarios that restrict the ways in which data can be manipulated or solutions can be achieved.