During year 2018, rebekah, a 20-year-old full-time student, earned $3,400 during the year and was not eligible to participate in an employer-sponsored retirement plan. the general limit for deductible contributions during 2018 is $5,500. how much of a tax-deductible contribution can she make to an ira?

$0 (full-time students are not allowed to participate in iras)
$3,400
$5,500
$8,900

The answer is: $3,400

Explanation:

Rebekah can contribute the full $3,400 she made during 2018 to her individual retirement account (IRA). Tax deductible contributions are limited to $5,500 or less per year, or in cases like Rebekah's, if the total amount of earned income is below $5,500 it can be fully contributed to her account.

correct, but each time you dont pay the price of the penalty can increase.

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