What is Ted's eligibility to contribute to an IRA on May 5?

To determine Ted's eligibility to contribute to an IRA on May 5, it's important to consider the general rules surrounding IRA contributions for the 2017 tax year. For the 2017 tax year, the deadline for contributing to an IRA was April 17, 2018. Contributions could be made up until that date for the 2017 tax year.

Since May 5 is past the April 17 deadline, Ted would not be able to contribute to an IRA for 2017. Therefore, the assertion that he is not eligible to make an IRA contribution for that specific year is accurate. It’s important to note that if he missed the deadline, even if he filed his tax return early, that does not extend the eligibility period for making prior year contributions.

Understanding the contribution limits and deadlines for both traditional and Roth IRAs is crucial, as contributing outside the stipulated time frames results in ineligibility for those specific years. This is why the declaration regarding his lack of eligibility is the correct answer.