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Deductions & credits
From your information, I assume the following:
- You are both self-employed.
- You aren't employees, and therefore aren't covered by a retirement plan at work
- 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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March 25, 2024
9:11 AM