SusanY1
Employee Tax Expert

Retirement tax questions

If you don't have any taxable compensation earned and paid in 2024, you cannot make a Roth IRA contribution for that year.  

In any year you may contribute the lesser of 100% of taxable compensation or the annual limit . 

Since it appears you retired in 2023 do not have any 2024 wages or other earnings from work, you are ineligible to make a Roth contribution, though you remain eligible to convert Traditional IRA funds to a Roth.  

 

You will need to reach out to your Roth custodian and ask them to process a "Return of Excess Contribution" for you.  

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