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Lance is single and has a traditional IRA into which he has made deductible contributions for...

Lance is single and has a traditional IRA into which he has made deductible contributions for several years. This year he changed employers and is now an active participant in his employer’s pension plan. His AGI is $95,000. He wants to make a nondeductible contribution to his IRA in the current year. What advice would you give Lance? (

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Answer is highlighted in yellow: Solution: Lance should open a separate Roth IRA account for non-deductible contribution amou

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