Under a Roth IRA I. Any taxpayer may contribute and deduct up to $5,500 deductible contributions per year. II. The maximum contribution is phased-out for unmarried taxpayers with adjusted gross income between $114,000 and $129,000.

Question

Quizplus · Accepted Answer

Statement I is incorrect because contributions to a Roth IRA are not tax-deductible. Statement II is correct as it describes the phase-out range for contributions based on income for unmarried taxpayers.