What is the maximum deductible contribution that Erick (age 32 and single) can make in 2017 to an Individual Retirement Account(s) if he earns $62,000 and is not covered by an employer-sponsored retirement plan?
A) $6,500 ($5,500 plus an extra $1,000 catch-up contribution) to a traditional IRA and zero to a Roth IRA.
B) $5,500 to a traditional IRA but only $1,500 additional to a Roth IRA
C) $5,500 to a traditional IRA
D) $4,500 to a traditional IRA due to the income limitation
Correct Answer:
Verified
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