Individual Retirement accounts Flashcards
1
Q
Can you use IRA money to buy life insurance contracts
A
NO
1
Q
What qualifies as earned income: Alimony or Deferred compensation
A
Alimony
2
Q
Husband earns $35,000, Wife earns $0. How much can the wife deduct for a traditional IRA and what income amount will she use?
A
$6,500 deduction
$28,500
3
Q
A
