Investment Company and Variable Contracts Products Representative (Series 6)Practice Exam

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How much may a married couple earning $325,000 contribute to a Roth IRA?

$5,000
$6,500
$0
$10,000

The correct answer is: $0

For the year 2023, the ability for a married couple to contribute to a Roth IRA is subject to income limits defined by the IRS. Specifically, for married couples filing jointly, the contribution limit begins to phase out when their modified adjusted gross income (MAGI) exceeds $218,000 and is completely phased out when the MAGI reaches $228,000. Given that a married couple earning $325,000 significantly exceeds this upper limit, they are ineligible to contribute to a Roth IRA. This is why the correct answer is that they may contribute $0. The purpose of these income limits is to ensure that tax-advantaged savings vehicles like Roth IRAs are accessible primarily to individuals and families with lower to moderate incomes, promoting broader equity in retirement savings.