Retirement and College Savings Plans - Review Questions
Paul Ryder is a stay-at-home dad. His wife, Wendy Ryder, works full time. When added together, what is the maximum amount this couple may contribute as a tax-deductible contribution to an IRA for Wendy combined with the contribution for a spousal IRA?
- $5,500 or 100% of Wendy's yearly earned income, whichever is less
- $11,000 or 100% of Wendy's annual income, whichever is less
- 25% of Wendy's annual income, to a maximum contribution of $51,000
$5,500 to Wendy's individual account only
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