SIE Exam Question 56: Answer and Explanation

Question: 56

What is the amount of the "catch-up" contribution to a traditional or Roth IRA that individuals aged 50 and over may make in 2020?

• A. $500
• B. $1,000
• C. $1,500
• D. $2,000

Correct Answer: B

Explanation:

In TY 2020, the catch-up contribution to a traditional or Roth IRA that individuals aged 50 and over may make is $1,000, bringing the maximum total contribution amount for these individuals up to $7,000.