Question

Francisco, age 57, is a married, filing jointly taxpayer. His modified adjusted gross income (MAGI) for 2019 was $220,500. What is the maximum annual nondeductible contribution he can make to a Roth IRA in 2019

Answer 1

Answer:

$0

Explanation:

The maximum annual contribution to a regular IRA is not limited by a person's income, but their direct contribution to a Roth IRA is limited by their income. I'm not sure about the 2019 limit, but the 2020 limit for married filing jointly ranges from $196,000 - $206,000. If you consider that limits increase every year, then we can assume that the 2019 limits were lower.