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Retirement tax questions
Please be aware, 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
Just to clarify, you had taxable compensation (like wages, salary) of at least $7,000 in 2020 and you entered $7,000 as a traditional IRA contribution?
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May 17, 2021
12:37 PM