Florida Life and Health Insurance License Practice Test

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What is the maximum deductible IRA contribution allowable for an individual with an annual income of $25,000 working part-time?

$25,000
$6,000
$5,500
No limit

The correct answer is: $25,000

An individual with an annual income of $25,000 working part-time can contribute up to $25,000 to a deductible IRA. This is the maximum amount allowed for any individual, regardless of their income level. Options B and C are incorrect because they state specific amounts which are not the maximum and may apply to different income levels. Option D is incorrect because there is a limit for deductible IRA contributions, and it varies based on income. Therefore, option A is the only correct answer.