How much can he contribute to a traditional ira in tax year, Financial Management

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How much can he contribute to a traditional ira in tax year

Mike is 60 years old, married (tax filing jointly) and him and his wife have combined taxable compensation of $150,000 per year and neither have employer sponsored retirement plans. Mike's total taxable compensation in 2016 is $40,000. He made a Roth IRA contribution in the amount of $5,500 on April 1, 2016 for tax year 2016. How much can he contribute to a Traditional IRA in tax year 2016 (that qualifies for tax deferral)? A. $0 B. $1,000 C. $5,500 D. $6,500

A. $0

B. $1,000

C. $5,500

D. $6,500

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