Scott, who recently married JoEllyn, wants to start saving money for their retirement. He is an engineer for a small company that does not have an employer-sponsored retirement plan, and he earns an annual salary of $65,000. Which of the following statements is TRUE?
A) Scott could buy stock from his company to fund his IRA.
B) Scott could set up 2 individual accounts (1 for himself and 1 for JoEllyn).
C) Scott's income level is above the level set by the IRS.
D) IRA contributions are not tax deductible for JoEllyn because she is not eligible to contribute to her company's plan.
Ans: B) Scott could set up 2 individual accounts (1 for himself and 1 for JoEllyn).
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