Donald, a 40-year-old married taxpayer, has a salary of $55,000 and interest income of $6,000. He is an active participant in his employer's pension plan. What is the maximum amount Donald can contribute to a Roth IRA in 2019?
A)$550
B)$610
C)$1,220
D)$3,000
E)$6,000

Question

Quizplus · Accepted Answer

For 2019, the maximum contribution limit for a Roth IRA was $6,000 for individuals under the age of 50. Donald's salary and interest income do not affect his ability to contribute the maximum amount, provided his modified adjusted gross income (MAGI) falls within the allowable limits for Roth IRA contributions.

Donald, a 40-Year-Old Married Taxpayer, Has a Salary of $55,000