Chartered Retirement Planning Counselor (CRPC) Practice Exam 2026 – Comprehensive All-in-One Guide for Exam Success!

To determine the deductible limit for IRA contributions for Richard and Betty with an AGI of $121,000, it’s important to consider several factors, including their filing status and whether they are covered by a retirement plan at work.

For 2023, if Richard and Betty are married filing jointly, the income phase-out range for traditional IRA deduction begins at $218,000 and completely phases out at $228,000. Since their AGI of $121,000 is below the lower end of this range, they can deduct their full contribution to a traditional IRA.

The limit for contributions to an IRA for individuals under the age of 50 is $6,500 each for 2023. Given that they are married and can each contribute, their total contribution limit would be $13,000. However, the question specifies the deductible limit per individual contribution. Assuming they are both under 50 years old, the maximum deductible limit for each would be $6,500. Therefore, the correct interpretation in choosing $5,500 would apply if they were assessed with other restrictions or specific age considerations which is generally not the case here.

However, if we focus solely on the context provided in the question – which simply asks for IRA contribution without specifying