Sammy,age 31,is unmarried and is not an active participant in a qualified retirement plan.His modified AGI is $55,000 in 2014.The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:
A)$2,800.
B)$3,500.
C)$5,000.
D)$5,500.
E)None of these.

Question

Quizplus · Accepted Answer

Sammy can deduct $5,500 because he is not an active participant in a qualified retirement plan.

Sammy,age 31,is Unmarried and Is Not an Active Participant in a Qualified