Escobar and Rose Are Both Age 36 and File a Joint

question 31

Multiple Choice

Escobar and Rose are both age 36 and file a joint return. Neither is covered under an employer plan. Escobar earned $121,000 of compensation in 2015. Rose worked part-time and earned $1,200. What is the maximum deductible IRA contribution they can make in 2015?

• A) $0.
• B) $5,500.
• C) $6,700.
• D)$11,000.

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Definitions:

Stored Crops

Refers to harvested agricultural products that are kept in storage, usually to ensure food supply stability or for selling when market conditions are favorable.

Populist Party

A political party in the United States in the late 19th century that sought to represent the interests of farmers and laborers.

Presidential Election

A national election where citizens vote to elect the president and vice president of the country.

William Jennings Bryan

An American orator and politician from the late 19th and early 20th centuries, known for his advocacy for populism and silver monetary policy.