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Deductions & credits
@akkina9 said " Then ask him to put all his earnings in Roth IRA."
An IRA contribution is limited to $7000 per year ($8000 if over age 50). In order to contribute the full $7000, he must have at least $7000 of earned income. So, for examples, if he only earned $5000 from part time jobs, he could only contribute $5000. If he earned $8000 from jobs, he could only contribute $7000.
Q. - I thought I will not be able to claim education credit as its based on my income. If my son claims it and he has no tax liability based on ~8K income, does he get any credit?
A. No.
‎August 19, 2024
6:59 PM
19,797 Views