Fred and Flossie are married and their adjusted gross income is $200,000. 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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For 2023, married couples filing jointly with a modified adjusted gross income (MAGI) of $218,000 or more cannot contribute to a Roth IRA. Fred and Flossie's income of $200,000 is below this threshold, but the phase-out range starts at $218,000, so they are eligible to contribute $0 to a Roth IRA.

Fred and Flossie Are Married and Their Adjusted Gross Income