Gene, age 34, and Beth, age 32, have been married for nine years. Gene, who is a college student, works part-time and earns $1,500. Beth is a high school teacher and earns a salary of $34,000. What is the maximum amount Gene can contribute to an IRA in 2020? What is the maximum amount Beth can contribute to an IRA in 2020?

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter5: Deductions For And From Agi
Section: Chapter Questions
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Gene, age 34, and Beth, age 32, have been married for nine years. Gene, who is a college student, works part-time and earns $1,500. Beth is a high school teacher and earns a salary of $34,000.

  1. What is the maximum amount Gene can contribute to an IRA in 2020?
  2. What is the maximum amount Beth can contribute to an IRA in 2020?
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