During 2018, Marcia, who is single and is covered under a pension plan at work, contributes $5,500 into a Roth IRA. If her AGI is $67,000, which of the following is true?
A) Only 60% of the contribution is deductible since her AGI exceeds $63,000 by $4,000 and her maximum contribution is phased out by 40%.
B) None of the contribution is deductible.
C) She must withdraw all of the contribution immediately since she is covered under a plan at work.
D) All of the contribution is deductible.
Correct Answer:
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