Fred and Flossie are married and their adjusted gross income is $192,000. Both Fred and Flossie are active participants in their company's qualified pension plan and have never established an Individual Retirement Account. What is the maximum combined amount they can contribute to Roth IRAs?

Question

Quizplus · Accepted Answer

For 2023, the income phase-out range for married couples filing jointly to contribute to a Roth IRA is $218,000 to $228,000. Since Fred and Flossie's income is $192,000, which is below the phase-out range, they can each contribute the maximum amount of $6,500 to a Roth IRA, totaling $13,000. However, since the question asks for the maximum combined amount they can contribute to Roth IRAs, and the options provided do not include $13,000, the closest correct option is $0, indicating a potential error in the options provided.

Fred and Flossie Are Married and Their Adjusted Gross Income