You will need taxable compensation like wages or self-employment income to make IRA contributions.
For 2023 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,500 ($7,500 if you're age 50 or older), or
- If less, your taxable compensation for the year
Also, your Roth IRA contribution may be limited based on your filing status and income. Please see Amount of Roth IRA Contributions That You Can Make For 2023 for details.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
