In 2016, Tyson (Age 22) Earned $3,500 from His Part-Time

question 55

Short Answer

In 2016, Tyson (age 22) earned $3,500 from his part-time job and he reported $15,000 of interest income (unearned income). Assuming he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution Tyson can make in 2016?

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Definitions:

Anther

The part of a flower's stamen that contains the pollen, critical for the reproduction process in plants.

Charophytes

A group of green algae that are the closest relatives of land plants, sharing common traits in cell division and sperm structure.

Chlorophyll A

A type of chlorophyll that is the primary photosynthetic pigment in plants, allowing them to absorb light most efficiently.

Vascular Tissue

The specialized system of tubes and cells in plants that conduct water, nutrients, and sugars.