Multiple Choice
During 2016, Jacob, a 19 year old full-time student, earned $4,500 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions during 2016 is $4,500. How much of a tax-deductible contribution can Jacob make to an IRA?
A) $0 (Full-time students are not allowed to participate in IRAs) .
B) $500.
C) $4,500.
D) $5,500.
Correct Answer:
Verified
Correct Answer:
Verified
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