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Retirement tax questions
No, you can't contribute to a Roth based on the scenario you describe.
Even though you have some earned income (wages) to justify your contribution, you are also limited to no more than you Modified Adjusted Gross Income (MAGI), which in this scenario is negative ($5000).
Click here to see the applicable IRS worksheet and additional information on this topic.
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March 27, 2023
8:44 AM