SIE Exam Question 477: Answer and Explanation

Question: 477

The maximum amount that a couple may contribute to their IRAs at any one time is:

• A. 400% of the annual contribution limit.
• B. 300% of the annual contribution limit.
• C. 200% of the annual contribution limit.
• D. 100% of the annual contribution limit.

Correct Answer: A

Explanation:

A: The maximum amount that a couple may contribute to their IRAs at any one time is $22,000. Between January 1 and April 15, a contribution may be made for the prior year, the current year, or both: $5,500 × 2 × 2 = $22,000.