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22. Traditional IRA Characteristics. (Obj. 4) For each statement, check true or false. True False a. Contributions to a nonworking spouse's IRA must be equal
22. Traditional IRA Characteristics. (Obj. 4) For each statement, check true or false. True False a. Contributions to a nonworking spouse's IRA must be equal to the IRA contributions of the working spouse, b. Contributions to a traditional IRA are deductible in the computation of AGI for a single employee whose only income is wages of $25,000. Contributions to a traditional IRA generally must stop in the year the IRA account owner reaches age 70%. C. e d. The earnings of a traditional IRA are taxed to the employee in the year earned The income earned on nondeductible traditional IRA contributions is not taxable until it is withdrawn. The maximum deductible IRA contributions in 2018 is $5,500 for a married couple of which only one spouse works and carns $25,000
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