Margie is single and is an employee of the Stitch Corporation.She is an active participant in the company's pension plan.Margie's adjusted gross income is $66,000 and she contributes the maximum amount allowable as a deduction to her IRA account during the current year.How much can Margie contribute to her Roth IRA?

Question

Quizplus · Accepted Answer

Margie's adjusted gross income is within the phase-out range for contributions to a Roth IRA. The maximum contribution for 2021 is $6,000 for individuals under age 50, but since Margie has already contributed the maximum amount allowable as a deduction to her IRA account during the current year, she can only contribute up to $2,200 ($6,000 - $3,800 deduction limit for IRA contributions). Therefore, the correct answer is C) $2,200.

Margie Is Single and Is an Employee of the Stitch