Any individual taxpayer who earns any amount of compensation or self-employment income can contribute $5,000 to a traditional IRA.

Question

Quizplus · Accepted Answer

The statement is not completely accurate. While any individual taxpayer can contribute to a traditional IRA, the contribution limit for 2021 is $6,000 for those under age 50 and $7,000 for those age 50 and over. Additionally, there are income limits and other eligibility requirements for contributing to a traditional IRA.

Any Individual Taxpayer Who Earns Any Amount of Compensation or Self-Employment