Homer and Marge are married and have an adjusted gross income of $186,000. Currently, neither is covered by an employer sponsored pension plan. They have never established an Individual Retirement Account until this year, when they opened a Roth IRA. What is the maximum amount they can each contribute to Roth IRAs?

Question

Quizplus · Accepted Answer

For tax year 2021, the contribution limit for a Roth IRA is $6,000 for individuals under age 50 and $7,000 for individuals 50 and older. Since Homer and Marge are both under 50, the maximum amount they can each contribute is $6,000. Therefore, the total contribution they can make to their Roth IRAs is $12,000.

Homer and Marge Are Married and Have an Adjusted Gross