Lee, who is a CPA, would like to open up a traditional IRA as a savings vehicle for retirement. He will be 62 on his next birthday. Lee is currently interviewing with a Fortune 500 company. He was at his last job for over 15 years but is not currently working. Which of the following statements is TRUE?
A) Lee's previous salary was over the limits established by the IRA.
B) Lee is currently not eligible to open an IRA because he does not have earned income.
C) Lee's age does not allow him to make pretax contributions.
D) Lee can begin contributing to his spouse's IRA, which would then be considered a joint account.
Ans: B) Lee is currently not eligible to open an IRA because he does not have earned income.
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