The key words are taxable compensation. Expenses reduce the taxable income.
For 2022, 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
If the taxable income is below the limits, you will need to withdraw the excess plus earnings before filing your return.
See
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