Certified Financial Planner (CFP) Practice Exam · Question
Jamie, 30, has established an FHSA in 2023 but has not yet contributed. In 2024, she contributed $8,000. She plans to purchase a home in 2025. What is the maximum amount Jamie can contribute to her FHSA in 2025, assuming the annual limit remains $8,000 and the lifetime limit $40,000, and she has no prior FHSA contributions before 2024?
Jamie accumulated $8,000 of contribution room in 2023 (when the FHSA was opened) and another $8,000 in 2024. After contributing $8,000 in 2024, she has $8,000 o
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Question: Jamie, 30, has established an FHSA in 2023 but has not yet contributed. In 2024, she contributed $8,000. She plans to purchase a home in 2025. What is the maximum amount Jamie can contribute to her FHSA in 2025, assuming the annual limit remains $8,000 and the lifetime limit $40,000, and she has no prior FHSA contributions before 2024?
Answer options:
- $8,000 ✅ $16,000
- $24,000
- $40,000
Correct answer: $16,000
Explanation: Jamie accumulated $8,000 of contribution room in 2023 (when the FHSA was opened) and another $8,000 in 2024. After contributing $8,000 in 2024, she has $8,000 of unused room carried forward. Adding the 2025 annual limit of $8,000, her maximum contribution in 2025 is $16,000.
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