Question

Bob is a single, 40-year-old doctor earning $190,000 a year and is not covered by a pension plan at work. What is the maximum deductible contribution into a Traditional IRA and how much can he put into a roth IRA in 2019

Answer 1

Ans: For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

a) $6,000 ($7,000 if you’re age 50 or older), or

b) Your taxable compensation for the year, if your compensation was less than this dollar limit.

Applying the above provisions, in the given case, Bob Who is a single 40 Year old doctor with earnings of $190,000 a year and not covered by a pension plan at work can an amount of $6,000 into a deductible IRA in 2019.