Alex is 37 years old, single and employee of Ellis Company.
I. If Alex is an active participant in the company's pension plan, he is allowed to make a contribution to his IRA account only if his adjusted gross income is less than $62,000.
II. If Alex is an active participant in the company's pension plan, and has adjusted gross income of $67,000, he is allowed to contribute $5,500 to his IRA
account, but he is only allowed a deduction of $2,750 for the contribution because his adjusted gross income is between $62,000 - $72,000.
a. Only statement I is correct
b. Only statement II is correct
c. Both statements are correct.
d. Neither statement is correct.
b
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