Homer and Marge are married and have an adjusted gross income of $182,000. Currently, neither is covered by an employer sponsored pension plan. They have never established an Individual Retirement Account until this year, when they opened a Roth IRA. What is the maximum amount they can each contribute to Roth IRAs?

Question

Quizplus · Accepted Answer

The maximum amount that Homer and Marge can each contribute to Roth IRAs is $4,950. This is because they are both under the age of 50 and their adjusted gross income is below the phase-out limit for Roth IRA contributions.

Homer and Marge Are Married and Have an Adjusted Gross