DianeW777
Employee Tax Expert

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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