Thank you.
I do understand that AGI (MAGI) is only relevant to the threshold above which I am ineligible to make a Roth IRA contribution. I am a single 22 yr old grad student, so I am filing as a single, and yes I understand that am far below that threshold and AGI is therefore irrelevant.
However, the issue is that even though my AGI was ~$9000, my taxable income was $0 (I guess after deductions and such).
As I understand it, the max Roth contribution is the lesser of my earned income OR $6000?
So my confusion is what is considered "earned income" : my AGI, my total income, or my taxable income? "Earned Income" is not an entry line on Form 1040.
Form 1040 only has total income (Line 9), AGI (Line 11) , and taxable income (Line 15) listed.
So is taxable income the same as earned income and since my taxable income is $0, my max Roth IRA contribution is $0 for 2021. I contributed $6000 to my Roth for 2021 so if earned income=taxable income, then I had an excess contribution of $6000, but again the question is does earned income =taxable income??
Thanks.
@dmertz
