A single employee who is not covered by an employer's retirement plan may always contribute at least $5,000 of earned income to his or her IRA.

Question

Quizplus · Accepted Answer

This is true for the tax year 2020 and 2021. However, there are income limits and phase-out ranges for deductible contributions and eligibility limits for Roth IRA contributions for individuals based on their income and tax filing status.

A Single Employee Who Is Not Covered by an Employer's