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Get your taxes done using TurboTax
Yes, you can make Roth IRA contributions as long as you have enough taxable compensation (to cover your and your wife's IRA contribution) and your Modified Adjusted Gross Income allows you to make Roth IRA contributions. Please see 2022 - Amount of Roth IRA Contributions You Can Make for 2022 for details.
If you are self-employed, taxable compensation is the net earnings from your trade or business (line 3 Schedule 1) reduced by the total of:
- The deduction for contributions made on your behalf to retirement plans (line 16 Schedule 1), and
- The deduction allowed for the deductible part of your self-employment taxes (line 15 schedule1).
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‎February 21, 2023
6:00 AM