Alexander, who is 43 years old and single, earned $10,750 in wages in 2020. The maximum amount he can contribute to a traditiona

Question

topjm [15]

1 year ago

9

Alexander, who is 43 years old and single, earned $10,750 in wages in 2020. The maximum amount he can contribute to a traditiona

l IRA for 2020 is:

Geography

1 answer:

kondor19780726 [428] · Answer 1 · 2023-03-29T18:23:29+03:00

Considering the situation of Alexander, the maximum amount he can contribute to a traditional IRA for 2020 is "$6,000" annually.

This is because, according to Internal Revenue Service (IRS), the annual contribution limit for 2019, 2020, 2021, and 2022 is $6,000.

However, for individuals 50 years and above, the annual contribution limit is $7,000.

Given that Alexander is only 43 years, therefore, the maximum amount he can contribute to a traditional IRA for 2020 is "$6,000" annually.

Hence, in this case, it is concluded that the correct answer is "$6,000."

Learn more about IRA here: brainly.com/question/1637877