David, age 60 and single, earned a $200,000 capital gain (AGI) selling artwork purchased 10 years ago.
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Question:
David, age 60 and single, earned a $200,000 capital gain (AGI) selling artwork purchased 10 years ago. He is retired, has no other income, and does not participate in an employer's qualified retirement plan. Which of the following is TRUE for the current year?
Group of answer choices
David can make a $7,500 deductible contribution to a Roth IRA.
David can make a $7,500 deductible contribution to a traditional IRA.
David can make a $7,500 nondeductible contribution to a Roth IRA.
David cannot make an IRA contribution.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: