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David, age 60 and single, earned a $200,000 capital gain (AGI) selling artwork purchased 10 years ago. He is retired, has no other income, and
David, age 60 and single, earned a $200,000 capital gain (AGI) selling artwork purchased 10 years ago. He is retired, has no other income, and does not participate in an employer's qualified retirement plan. Which of the following is TRUE for the current year?
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David can make a $7,500 deductible contribution to a Roth IRA.
David can make a $7,500 deductible contribution to a traditional IRA.
David can make a $7,500 nondeductible contribution to a Roth IRA.
David cannot make an IRA contribution.
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