You may place as much as you want in an IRA.However,only the first $5,000 is tax-deferred.

Name: You may place as much as you want in an IRA.However,only the first $5,000 is tax-deferred.
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Quizplus · Accepted Answer

This statement is false. The contribution limit for an IRA varies depending on age and income level, but for 2021, it is $6,000 for individuals under 50 years old and $7,000 for individuals 50 years old and over. However, the entire amount contributed to a traditional IRA is tax-deferred, not just the first $5,000.

You May Place as Much as You Want in an IRA.However,only