nited States. She earned $14,741 in wages for 2021. She meets the requirements to be a beneficiary of an ABLE account, and one was established for her several years ago. The 2020 federal poverty line for a single person household was $12,760. What is the maximum Sylvia may contribute to her own ABLE account in 2021? (No contributions
nited States. She earned $14,741 in wages for 2021. She meets the requirements to be a beneficiary of an ABLE account, and one was established for her several years ago. The 2020 federal poverty line for a single person household was $12,760. What is the maximum Sylvia may contribute to her own ABLE account in 2021? (No contributions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sylvia lives in the contiguous United States. She earned $14,741 in wages for 2021. She meets the requirements to be a beneficiary of an ABLE account, and one was established for her several years ago. The 2020 federal poverty line for a single person household was $12,760. What is the maximum Sylvia may contribute to her own ABLE account in 2021? (No contributions were made to any retirement plan on Sylvia's behalf this year.)
$12,760
$14,741
$15,000
$27,760
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