MinhT1
Expert Alumni

Deductions & credits

From your information, I assume the following:

 

  1. You are both self-employed.
  2. You aren't employees, and therefore aren't covered by a retirement plan at work
  3. As a couple, your Modified adjusted gross income (MAGI) is less than $218,000

 

For tax year 2023,  you can each contribute up to $7,500 to a Roth IRA ($6,500 + a catch-up of $1,000 as you are over 50).

 

See this IRS document.

 

 

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