Question 6 If you were employed in both 2017 and 2018, can you make two IRA cont

Question

Question 6

If you were employed in both 2017 and 2018, can you make two IRA contributions up to the limit ($5,500 each) in 2018 as long as your contribution for 2017 is made before April 15, 2018 and as long as any tax deduction for the 2017 contribution is taken on your 2017 taxes?

Question 7

IRA's must always be in the name of a single individual. There is no such thing as a joint IRA account.

Question 8

Anyone can contribute to a Roth IRA regardless of how much income they make in a given year.

Question 9

You cannot contribute to an IRA if you have already contributed the maximum to a defined contribution retirement plan at work.

Question 10

Imagine that you are married and file a joint tax return. You are employed but your spouse stays at home to take care of your two young children. Can your spouse contribute to an IRA using money that you earned?

Explanation / Answer

6. YES , MAXIMUM CONTRIBUTION IS 5500 PER YEAR

7. FALSE, IRA CAN BE JOINT

8. FALSE ONLY HIGHER INCOME PEOPLE

.9.TRUE, spouse contribute to an IRA using money that I earned

10. YES

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