Answer: traditional = $6000, Roth IRA= $5,200
Explanation:
jOEY IS 49years old earning $124,000
For traditional IRA. He will contribute $6000 since in traditional IRA, The Contribution limits exist as $6,000 for 2019 for those under age 50, $7,000 for those 50 and older.
For a Roth IRA,
IF single an income falls between $122,000- #136,999, the following calculations wil;l be made since joey earns $124,000 and is single
$124,000-$122,000= $2,000
2000/15,000=0.13333
which will now be multiplied by the maximum amount he can contribute which is $6,000
0.13333x $6000= $799.99
$6,000- $799.99= $5,200
