$0\mathrm{.}66$ pts

Ty would like to make a contribution to a Roth for $2024.$ He is $25$ years old and single. His AGI is $$200,000$ and he's an active participant in a retirement plan at work. This will be his first time to make a contribution to a Roth or Traditional IRA. What can you advise him?

Group of answer choices

You are eligible to make a $$7,000$ non$-$deductible contribution to a Traditional IRA. But there is no way to get the money in a Roth because of your income.

Yes, you are eligible to make a contribution to a Roth in the full amount of $$7,000.$ You will have years of tax$-$free growth in the account.

You are eligible to make a $$7,000$ non$-$deductible contribution to a Traditional IRA. You can then do a conversion to a Roth. If you do the conversion before there are earnings in the account, none of the converted amount will be included in taxable income because you will have a basis in the Traditional of $$7,000.$

You are over the phase$-$out ranges for contributions to either a Roth or a Traditional IRA. Congratulations on the high income!