Yes, for 2021 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
The about $5,000 income was it wages on a W-2 and you entered them?
- Click on "Search" on the top right and type “W-2”
- Click on “Jump to W-2”
Or was it self-employment income? If you are self-employed compensation is the net earnings from your trade or business reduced by the total of:
-
The deduction for contributions made on your behalf to retirement plans, and
-
The deduction allowed for the deductible part of your self-employment taxes.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
