Elizabeth Age 55 has 5,000 net self employment income from a consulting business. she also receives...

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Elizabeth Age 55 has 5,000 net self employment income from a consulting business. she also receives...

Elizabeth Age 55 has 5,000 net self employment income from a consulting business. she also receives 50,000 in dividends of which 44,000 are qualified. what is the maximum that Elizabeth may contribute to a Roth ira

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Answer 1

Answer #1

maximum that Elizabeth may contribute to a Roth IRA = $7000 (2019)

In 2019 as per IRS, the maximum contribution limit for Roth IRA is $6000 for taxpayers below 50 years and for taxpayer of 50 years and above is $7000

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