RIA RESEARCH EXERCISE Use the RIA Checkpoint database to answer the follow- ing questions. Cut and paste the relevant Internal Revenue Code and Regulation section(s) into your solution and explain how the authority answers the tax issue in question. Give the most specific citation applicable [e.g., Section 168 (a) (1)] to the question. NOTE: If the answer can be found in both the code and regulations you must provide both authorities.
Carmela is single, 52 years old, and has an adjusted gross income of $58,000. Carmela is covered by a qualified employee pension plan and she contributes the max- imum amount to her Individual Retirement Account (IRA).
a. What code section and/or regulation allows a deduction for contributions to an IRA?
b. What code section and/or regulation limits the amount that can be contributed to an IRA?
c. What code section and/or regulation allows an increased IRA contribution due to age?
d. What code section and/or regulation limits the amount of the IRA deduction for members of a qualified employee pension plan?