Multiple Choice
Mr. Paul, age 63 and single, earned a $260,000 salary (AGI) as a university professor. He does not participate in the university's qualified retirement plan. Which of the following is true?
A) Mr. Paul can make a $7,000 deductible contribution to a Roth IRA.
B) Mr. Paul can make a $7,000 deductible contribution to a traditional IRA.
C) Mr. Paul can make a $7,000 nondeductible contribution to a Roth IRA.
D) Mr. Paul can't make an IRA contribution.
Correct Answer:
Verified
Correct Answer:
Verified
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