rcus is 54 and single. He would like to make the maximum Roth IRA contribution in 2022. He is an active participant in ABC Corp.'s profit sharing plan, and his AGI is $130,500. What is his maximum Roth IRA contribution? A) $7,000 B) $5,000 C) $6,300 D) $6,000

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 41P
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Marcus is 54 and single. He would like to make the maximum Roth IRA contribution in 2022. He is an active participant in ABC Corp.'s profit sharing plan, and his AGI is $130,500. What is his maximum Roth IRA contribution?

 

A)

$7,000

 

B)

$5,000

 

C)

$6,300

 

D)

$6,000

Give typing answer with explanation and conclusion 

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