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 $120,000 and $135,000.

Question

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 $120,000 and $135,000.
​

Quizplus · Accepted Answer

Under a Roth IRA, contributions are not deductible, so statement I is incorrect. Statement II is correct as the maximum contribution is phased-out for unmarried taxpayers with adjusted gross income between $120,000 and $135,000.