Kevin,single,is an employee of the Colonial Company and is an active participant in its pension plan.Kevin's adjusted gross income for the current year is $59,000.Kevin contributes $1,000 to his conventional individual retirement account.Which of the following statements about Kevin contributions and deduction amounts is (are)true?
I.He is allowed to deduct his $1,000 contribution to his conventional IRA.
II.Kevin can also contribute but not deduct $4,500 to his Roth IRA.

Question

Kevin,single,is an employee of the Colonial Company and is an active participant in its pension plan.Kevin's adjusted gross income for the current year is $59,000.Kevin contributes $1,000 to his conventional individual retirement account.Which of the following statements about Kevin contributions and deduction amounts is (are)true?
I.He is allowed to deduct his $1,000 contribution to his conventional IRA.
II.Kevin can also contribute but not deduct $4,500 to his Roth IRA.
​

Quizplus · Accepted Answer

The Answer of Kevin,single,is an employee of the Colonial Company and is an active participant in its pension plan.Kevin's adjusted gross income for the current year is $59,000.Kevin contributes $1,000 to his conventional individual retirement account.Which of the following statements about Kevin contributions and deduction amounts is (are)true?
I.He is allowed to deduct his $1,000 contribution to his conventional IRA.
II.Kevin can also contribute but not deduct $4,500 to his Roth IRA.
​

Kevin,single,is an Employee of the Colonial Company and Is an Active