Homework Answers
ANSWER
Answer is d). $6,500.
As per IRS, the maximum contribution which can be done to a Roth IRA is $5,500 if the age of worker is below 50. But if the age of person is 50 or more than there is an extra $1000 which can be contributed by person as a 'Catch up' contribution.
So as the age of Elizabeth is 55, maximum contribution which is possible is $5,500 + $1,000 = $6,500
This limit of $5,500 is for the year 2018, and increased to $6,500 for 2019 with 'Catch up' contribution remaining same.
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