A taxpayer who is under 50 years of age and not an active participant in a retirement plan may make a contribution of up to $6,000 to an IRA, subject to the earned income limitation.

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Quizplus · Accepted Answer

This is true according to IRS guidelines. The annual contribution limit for a traditional or Roth IRA for taxpayers under 50 years old is $6,000 for 2021, subject to the earned income limitation. However, if the taxpayer is an active participant in a retirement plan, there may be further limitations or restrictions on their IRA contributions.

A Taxpayer Who Is Under 50 Years of Age and Not