Jody is a physician (not covered by a retirement plan) with a salary of $40,000 from the hospital where she is employed. She supports her husband, Andre, who sells art work and has no earned income. Both are in their twenties. What is the maximum total amount that Jody and Andre may contribute to their IRAs and deduct for the 2019 tax year?
A)$5,500
B)$6,000
C)$12,000
D)$11,000
E)None of these

Question

Quizplus · Accepted Answer

For the 2019 tax year, the maximum IRA contribution limit was $6,000 per individual under the age of 50. Since both Jody and Andre are eligible to contribute to their IRAs (Jody with earned income and Andre as a spouse with no earned income), they can each contribute the maximum of $6,000, making the total maximum contribution $12,000.

Jody Is a Physician (Not Covered by a Retirement Plan)