Yes, you can contribute to an IRA if you have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self-employment.
The total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
Please see Can I contribute to both a traditional and a Roth IRA? for additional information.
- Login to your TurboTax Account
- Click on the Search box on the top and type “IRA contributions”
- Click on “Jump to IRA contributions"
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