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topjm [15]
2 years 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]2 years ago
5 0

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

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

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 "<u>$6,000</u>" annually.

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

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

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