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What Is the Maximum Amount a 55-Year-Old Taxpayer and a 48-Year-Old

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Essay

What is the maximum amount a 55-year-old taxpayer and a 48-year-old spouse can put into a Traditional or Roth IRA for 2019, assuming they earn $85,000 in total and are not participants in pension plans?


Definitions:

Ethics Of Care

The ethical theory that emphasizes human interaction, holding that what makes a decision ethical is how well it builds and promotes human relationships.

Caregiver

An individual who provides care and assistance to another person, often due to age, illness, or disability.

Cared-For Party

An individual or group for whom someone has a responsibility to provide care or protection.

Absolutism

A political theory granting unlimited power to the ruler, often associated with monarchies where the monarch's authority is not restricted by laws or opposition.

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