- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Your son's ROTH IRA contributions can not exceed $5,500 or or his taxable earned income for the tax year, whichever is "LESS". So assuming he had $3000 of income and every penny of it was earned, and every penny was taxable, he contributed $2500 more to the ROTH than he earned. So there's a penalty for that.
‎June 6, 2019
7:14 AM