Which of the following statements is (are)true with regard to IRAs?
I.Contribution limits are higher for workers aged 50 and older.
II.A spouse who does not work outside of the home may make a fully deductible contribution to a traditional IRA even if his or her spouse is covered by a retirement plan at work.

Question

Quizplus · Accepted Answer

I is true, as those aged 50 and older are allowed to make catch-up contributions to their IRAs, which increases their contribution limit above the regular limit. 
II is also true, as a non-working spouse may make a fully deductible contribution to a traditional IRA even if their working spouse is covered by a retirement plan at work.

Which of the Following Statements Is (Are)true with Regard to IRAs