Florida Life and Health Insurance License Practice Test

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Prepare for the Florida Life and Health Insurance License Test. Study with flashcards and multiple choice questions, each with hints and explanations. Get ready for your certification exam with ease!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

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.