John is 17 years old and he earned $3,500 in a summer job. His grandparents just gave him a gift of $5,000 to help him learn financial responsibility (nice grandparents). How much can John contribute to an IRA (Traditional or Roth)

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11-07-2022
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John is 17 years old and he earned $3,500 in a summer job. His grandparents just gave him a gift of $5,000 to help him learn financial responsibility (nice grandparents). How much can John contribute to an IRA (Traditional or Roth)

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-18T18:20:02+02:00

"John is 17 years old and he earned $3,500 in a summer job. His grandparents just ..."John can contribute $3,500 to an IRA. This is further explained below.

What is IRA?

Generally, For those looking to save and invest for their retirement, an individual retirement account (IRA) is a kind of savings account that offers favorable tax treatment.

In conclusion, "John, who is just 17, worked all summer and saved $3,500. Just recently, his grandparents..." John has an annual IRA contribution limit of $3,500.