The maximum annual contribution to a Roth IRA for an unmarried taxpayer who is age 35 is the smaller of $5,000 or the individual's compensation for the year.

Question

Quizplus · Accepted Answer

This statement is true according to the 2021 tax year contribution limits for Roth IRAs. The maximum annual contribution for those under age 50 is $6,000 or their compensation for the year, whichever is less. For those age 50 and over, the limit increases to $7,000.

The Maximum Annual Contribution to a Roth IRA for an Unmarried