Answer:
C. 1
Explanation:
C. 1
Jack is a 74-year-old, single taxpayer whose income consists of $10,000 in wages and $31,000 in social security benefits. The maximum amount he can contribute to a Roth IRA for 2019 is: A) $0 B) $6,000 C) $7,000 D) $10,000
Based on his age and income, the maximum that Jack is able to contribute to a Roth IRA in 2019 is C. 7,000.
In the year 2019, tax laws were such that:
$6,000 was the maximum to be contributed to Roth IRA. $1,000 could be contributed in excess by those above the age of 50.As Jack is above the age of 50, he can contribute an extra $1,000 over the limit which puts him at:
= 6,000 + 1,000
= $7,000
In conclusion, Jack can contribute a maximum of $7,000.
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