Laura and Alan are a married couple with three small children.Alan earns $60,000 a year,but Laura has no earned income.What is the maximum total contribution Laura and Alan can make to their IRA accounts this year?

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Quizplus · Accepted Answer

As a married couple filing jointly, they can each contribute up to $6,000 to their IRAs for the year 2019 (assuming they are both under 50 years old). Additionally, they can contribute an additional $1,000 each as a catch-up contribution since they are both over 50. Therefore, the maximum total contribution they can make to their IRA accounts for the year is $11,000 ($6,000 + $6,000 + $1,000 + $1,000). Even though Laura does not have an earned income, she can still make a contribution to a spousal IRA based on Alan's earned income.

Laura and Alan Are a Married Couple with Three Small