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Retirement tax questions
Yes, if you have earned income from work. If you have earned income then you must use the following guidelines to put money into a Roth IRA.
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your 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
The IRS link has a nice chart you can review and, if limited the amount you can contribute is calculated as follows (TurboTax calculates this automatically based on your income):
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March 9, 2022
8:23 AM