Ben Carmichael has been making contributions into an individual retirement account for his retirement.His contributions are tax deductible as his employer does not offer a retirement plan.What type of individual retirement account does he have?

Question

Quizplus · Accepted Answer

The fact that Ben's contributions are tax-deductible and his employer does not offer a retirement plan indicates that he has a traditional IRA. With a traditional IRA, contributions are tax-deductible, and taxes are paid when withdrawing from the account during retirement.

Ben Carmichael Has Been Making Contributions into an Individual Retirement