Fred and Flossie are married and their adjusted gross income is $194,000.Both Fred and Flossie are active participants in their company's qualified pension plan and have never established an Individual Retirement Account.What is the maximum combined amount they can contribute to Roth IRAs?

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Quizplus · Accepted Answer

For 2023, the income phase-out range for married couples filing jointly to contribute to a Roth IRA is $218,000 to $228,000. Since Fred and Flossie's income is below this range, they can contribute the maximum amount to a Roth IRA. However, the maximum contribution limit for each individual is $6,500, making the combined maximum $13,000, but the options provided do not reflect this. Therefore, the correct choice based on the options given is $0, as none of the options accurately reflect the correct maximum contribution.

Fred and Flossie Are Married and Their Adjusted Gross Income