Chartered Retirement Planning Counselor (CRPC) Practice Exam 2025 – Comprehensive All-in-One Guide for Exam Success!

To determine the total amount Sally and Joe can contribute to their Roth IRAs, it's essential to consider the contribution limits set by the IRS. For the tax year 2023, individuals can contribute up to $6,500 to a Roth IRA if they are under 50 years old.

If both Sally and Joe are eligible to contribute (i.e., their combined income allows for Roth IRA contributions), each could contribute $6,500, resulting in a total contribution of $13,000, which exceeds the amount available in the choices. However, if one of them is over 50, they are allowed an additional "catch-up" contribution of $1,000. In such a case, their contribution could be adjusted accordingly.

Since the correct answer provided is $11,000, this might imply that it is based on one individual being over 50 years old, contributing $7,500 (including the catch-up contribution), and the other contributing $3,500.

Therefore, while the $11,000 total rests on the assumption of specific age and eligibility conditions that aren't directly stated in the question, it's pertinent to focus on how contribution limits are applied to individual circumstances.

It's important for individuals to consult IRS guidelines and assess