Bob and Bonnie, husband and wife ages 56 and 58, have combined income of $80,000. What is the maximum combined IRA contribution that they can make in 2018?

Question

Quizplus · Accepted Answer

For 2018, individuals aged 50 and over could make an additional catch-up contribution of $1,000 to their IRA, on top of the standard $5,500 limit, making it $6,500 per person. Since both Bob and Bonnie are over 50, they could each contribute $6,500, for a combined total of $13,000.

Bob and Bonnie, Husband and Wife Ages 56 and 58