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Miles is 33 years old and single. In 2020, his only income consisted of $10,500 in wages. What is the maximum
amount he can contribute to a traditional IRA for 2020?
ООО
$0
$6,000
0 $7.000
$10.500

Respuesta :

The maximum amount that can be contributed to a traditional IRA for 2020 is $6000.

An individual retirement account simply means a savings account that has tax advantages where individuals can save and invest long term

It should be noted that the maximum amount that an individual can contribute under traditional IRA for tax year 2020 is $6000 for those below 50 years.

In conclusion, the correct option is $6000.

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