Bahri, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary...
Bahri, a single 35-year-old CPA, is covered by a qualified retirement plan at work. His salary is $120,000, and his total AGI is $125,000. The maximum contribution he can make to a Roth IRA in 2019 is
A) $2,400.
B) $3,600.
C) $4,800.
D) $6,000.
Homework Answers
Ans - $6000 (OPTION D)
For 2019, the maximum contribution, Bahri can make to a Roth IRA is $6000. This is a $500 increase in the maximum contribution limit since 2018 which was $5500. Because Bahri is under the age of 50 years, $6000 is the maximum amount he can contribute in Roth IRA. For those above 50 years of age, they can contribute an additional $1000 making their maximum contribution limit to $7000.
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