During 2013,Marcia,who is single and is covered under a pension plan at work,contributes $5,500 into a Roth IRA.If her AGI is $63,000,which of the following is true?
A) All of the contribution is deductible.
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) Only 60% of the contribution is deductible since her AGI exceeds $59,000 by $4,000 and her maximum contribution is phased out by 40%.
Correct Answer:
Verified
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