Victoria Perez (18) will be claimed as a dependent on her parents' 2019 tax return. During the year, she earned $1,575 in wages

Question

2 years ago

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Victoria Perez (18) will be claimed as a dependent on her parents' 2019 tax return. During the year, she earned $1,575 in wages

from a part-time job and $100 in interest from her savings account. What is the maximum amount she may contribute to a traditional or Roth IRA for 2019

Law

1 answer:

lapo4ka [179] · Answer 1 · 2022-07-30T20:05:18+03:00

Answer:

$1,575

Explanation:

Calculation for the maximum amount that she may contribute to either a traditional or Roth IRA for the year 2019

Based on the information given the maximum or highest amount that she may contribute to either a traditional or Roth IRA for the year 2019 will be the amount of $1,575 reason been that a person or an individual which age is less than the age of 50 can have a maximum contribution of the amount of $6,000 for either a traditional or Roth IRA for the year 2019 in which it can not in any way exceeds the earnings and secondly Investment income are not contributed to IRA which means that in the case of Victoria the amount of $1,575 will be contributed to either a traditional or Roth IRA while the amount of $100 which was earned as a result of her interest from her saving account will not be contributed.

Therefore the maximum amount that she may contribute to either a traditional or Roth IRA for the year 2019 will be $1,575