Question

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

Answer 1

Answer: $1575

Step-by-step explanation:

It should be noted that for a traditional or Roth IRA, the maximum contribution is $6000 if the person's age is less than 50 years.

Therefore, with regards to the question, the maximum amount that Victoria may contribute to a traditional or Roth IRA for 2019 will be $1575. The $100 can't be contributed as it's an interest gotten from her savings account.

The answer is $1575.