Question

Sylvia (33) files single, earned $14,741 in wages for 2020, and she has an established ABLE...

Sylvia (33) files single, earned $14,741 in wages for 2020, and she has an established ABLE account. Sylvia's contribution limit to her ABLE account for 2020 is __________.

$12,490

$14,741

$15,000

$27,490

Business   Accounting   
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Answer #1

Able account is a state run saving program which can be availed by people with disabilities. People can contribute in the able account and can avail tax benefits related to it.

The maximum contribution limit in ABLE account for the year 2020 for any person filing single return is $15,000. Therefore Sylvia earned 14,741 as wages and she can contribute 14,741 to ABLE account as it is within the limit.

Therefore the correct option is 2nd.

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