11) Jane, age 38, files as a single taxpayer. In 2018, she reports AGI in the amount of $123,750 (all from salary). How much can Jane contribute to her Roth IRA in 2018?

A) $5,500

B) $0

C) $1,750

D) $4,130

E) $1,375

F) $3,750

12) Which of the following statements is not correct with respect to Roth IRAs?

(A) The maximum annual contribution is $5,500 for people under age 50.

(B) For withdrawals of earnings to be tax-free, there must be a five-year waiting period and a qualifying event.

(C) After the required waiting period, all withdrawals are tax-free.

(D) A 10% early withdrawal penalty applies to all amounts withdrawn during the first five years.

(E) Both (C) and (D)

13) A couple's AGI consists solely of the husband's wages of $115,000. The husband is an active participant in his employer's 401(k) plan at work. How much can the wife contribute to her traditional IRA if the wife is 52 years old and will only contribute to her IRA if it can be deducted?

A) $2,500

B) $5,500

C) $6,500

D) $0

E) $3,000

14) Which of the following statements is incorrect regarding the deduction for student loan interest?

A) The student loan interest deduction is a deduction for AGI.

B) The deduction is available for married taxpayers who file separate returns (MFS).

C) Acceptable educational expenses include tuition, books, supplies, and room and board.

D) An interest deduction phase-out may apply.

E) None of the above statements are incorrect; they are all true.

15) For dependent care provided by an employer, the maximum dollar amount that a qualifying employee can exclude is:

A) $5,000

B) $7,500

C) $3,000 for one child; $6,000 for two or more children

D) $2,500

E) $10,000