Question
In 2021, Bob is 35 years old and unemployed. His spouse is employed. Their combined AGI for the year is $250,000. They will file jointly.
In 2021, Bob is 35 years old and unemployed. His spouse is employed. Their combined AGI for the year is $250,000. They will file jointly. The primary component of AGI is Bobs spouses wages. Bob would like to make a contribution to his Roth IRA and in the largest amount possible but without penalty. Which statement is accurate? 1. Bob cannot make a contribution(without penalty) unless his spouse is an active participant is its employers retirement plan 2. None of these choices 3. Bob cannot make a contribution (without penalty) as he does not have compensation. 4. Bob can make a non-deductible contribution in the amount of $1,000 and his basis in the IRA will be $1,000 5. Bob can make a non-deductible contribution in the amount of $6,000 and his basis in the IRA will be $6,000
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