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Deductions & credits
First, for 2018 your annual total contributions to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you're age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
If you didn't earn any income from a job then you aren't allowed to make a contribution.
Also, there is a Roth IRA contribution limit based on your filing status and income. For example, if you are filing married filing separately then if you have an Adjusted Gross Income (AGI) of more than $10,000 then you are not allowed to contribute.
Please see this link for more detailed information: IRS Retirement Topics - IRA Contribution Limits
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‎January 27, 2020
3:47 PM