Under a Roth IRA
I.Any taxpayer may contribute and deduct up to $5,500 deductible contributions per year.
II.The maximum contribution is phased-out for unmarried taxpayers with adjusted gross income between $112,000 and $127,000.
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Quizplus · Accepted Answer

Statement I is incorrect because contributions to a Roth IRA are not deductible. Statement II is correct as it accurately describes the phase-out range for unmarried taxpayers.