The Maximum Annual Contribution to a Roth IRA for an Unmarried

question 55

True/False

The maximum annual contribution to a Roth IRA for an unmarried taxpayer who is age 35 is the smaller of $5,000 or the individual's compensation for the year.

---

Definitions:

Personal Use

The application or employment of something for the benefit or enjoyment of an individual, often distinct from business or commercial usage.

Income Distribution

The way in which a country's total GDP is spread among its population, affecting economic inequality.

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, meaning they are not personally responsible for the debts of the business.

Closing Entry

A journal entry made at the end of an accounting period to transfer the balance from temporary accounts to permanent ones, prepping the books for the next period.