"A married couple, where both individuals work, earns in excess of $124,000 in year 2020. Both individuals are covered by qualified retirement plans. Which statement is TRUE regarding contributions to Individual Retirement Accounts for these persons?"

The question is not complete. Let me explain Individual Retirement Accounts (IRA)

Explanation:

There are two types of Individual Retirement Accounts (IRA). These are the Roth IRA and the Traditional IRA.

The maximum contributions allowed to Roth IRAs for 2020 are $6,000 for investors younger than 50 and $7,000 for investors older than 50.

If you’re single and you have no workplace plan, or if you’re married and neither you nor your spouse has a workplace plan, you may fully deduct your IRA contribution--regardless of your income.  However, if you don’t have an employer-sponsored plan, but your spouse has one, you may deduct the full amount if you’re married filing jointly, and your modified adjusted gross income (MAGI) is $196,000 or less.

Traditional IRAs are funded with pre-tax dollars, this means that you can write off the contribution during the year you make it. But this is governed by numerous factors.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

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