Bob and Carol are married and both are 55 years old. They both work and each has a traditional IRA. During the tax year, Bob earned $2,000 and Carol earned $50,000.
If they file separate returns, what is the maximum that Bob can contribute to his IRA?
|
$1,000 |
|
$2,000 |
|
$4,000 |
|
$5,000 |