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 $51,000.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.
A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.
Correct Answer:
Verified
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