Contribution is deductible for each type

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Reference no: EM132268007

Joseph age 22 and single comes to you with a modified adjusted gross income of 63000 in addition to his 401k plan that he is funding at work he wants to open an IRA for 2014 with the maximum allowable contribution of 5500 because of his plans for large Investments and high growth expectations for his Holdings Joseph expects to be in a higher income tax bracket at retirement he asked you whether he should open a traditional IRA non-deductible Ira or Roth IRA discuss his eligibility for each one how much if any contribution is deductible for each type and provide your recommendation as to which one he should choose and explain why?

Reference no: EM132268007

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