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

question 23

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 2018. 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:

Promote Justice

The act of advocating for fair treatment and equal rights within legal, societal, or institutional contexts.

Shareholders

Individuals or entities that own shares in a corporation, making them partial owners and entitling them to potential dividends and certain rights within the corporation.

Looting

The act of stealing goods, typically during a war or riot.

Shareholder-Managers

Individuals who both own shares in a company and actively manage its operations or participate in strategic decision-making.