1. Tomas,age 46, had dividends of $12,000 and interest income of $16,000. In addition, he had a part-time job in which he earned $5,000 in 2018. How much can he contribute to a traditional IRA in 2018?
$0
$6,500
$5,500
$5,000
2. Leila, age 53, regularly contributes to her Roth IRA. Her grandson, Phillip, is to attend UMSL this fall. She is allowed to withdraw funds from her Roth IRA to meet Phillip's tuition and book expenses at UMSL without incurring a 10% penalty. T/F?
True
False
3. Gus is 72 and works part-time earning $16,000 per year. He asks you whether he can contribute funds to a Roth IRA in 2018. You reply:
True
False