Fred and Flossie Are Married and Their Adjusted Gross Income

question 82

Multiple Choice

Fred and Flossie are married and their adjusted gross income is $192,000. Both Fred and Flossie are active participants in their company's qualified pension plan and have never established an Individual Retirement Account. What is the maximum combined amount they can contribute to Roth IRAs?

• A) $ - 0 -
• B) $ 2,000
• C) $ 5,500
• D) $ 8,000
• E) $11,000

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Definitions:

Mental Health Counselor

A professional who offers guidance and support to individuals dealing with emotional, psychological, or behavioral issues.

Advocacy Plan

A strategic approach designed to influence decision-making within political, economic, and social systems and institutions, aimed at promoting or reinforcing change for a cause or issue.

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Any action by another person – adult or child – that causes significant harm to a child, including physical, emotional, sexual abuse, or neglect.

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Elements that influence behaviors, beliefs, and practices, which are derived from social norms, traditions, and values of a culture.