Ben Carmichael has been making contributions into an individual retirement account for his retirement.His contributions are tax deductible (based on his tax filing status and income)as his employer does not offer a retirement plan.What type of individual retirement account does he have?

Question

Quizplus · Accepted Answer

Ben Carmichael has a Traditional IRA, as contributions to this type of account can be tax-deductible, especially when the individual or their spouse does not have a retirement plan offered through their employer.

Ben Carmichael Has Been Making Contributions into an Individual Retirement