Question
36. This question will test your ability to research a tax issue and reach a conclusion. Nancy believes her income for 2022 will be just
36. This question will test your ability to research a tax issue and reach a conclusion. Nancy believes her income for 2022 will be just enough to push her into a higher tax bracket. Nancy wants to know if making a contribution to a Roth IRA will help reduce her taxable income for 2022. In other words, Nancy wants to know if contributions to Roth IRAs are deductible. What do you tell her?
a. No, contributions to Roth IRAs are not deductible.
b. Yes, contributions to Roth IRAs are deductible.
c. Contributions to Roth IRAs are deductible as long as the contribution is considered regular.
d. Contributions to Roth IRAs are deductible as long as the contribution is considered a qualified rollover contribution.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
