Homework Answers
2019 limits
a. For an individual filing return single who is under the age 50 whose income is less than $122,000, the IRA contribution limit is $6,000.
b. For an individual filing return single who is under the age 50 whose income is less than $122,000, the IRA contribution limit is $6,000.
c. For an individual filing return single who is above 50 age whose income is less than $122,000, the IRA contribution limit is $7,000.
d. For an individual filing return jointly whose joint income is less than $193,000, the IRA contribution limit is $6,000.
2018 limits
a. For an individual filing return single who is under the age 50 whose income is less than $120,000, the IRA contribution limit is $5,500.
b. For an individual filing return single who is under the age 50 whose income is less than $120,000, the IRA contribution limit is $5,500.
c. For an individual filing return single who is above the age 50 whose income is less than $120,000, the IRA contribution limit is $6,500.
d. For an individual filing return jointly whose joint income is less than $189,000, the IRA contribution limit is $5,500.
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