DianeC958
Expert Alumni

Retirement tax questions

To contribute to either a Roth IRA or a regular IRA you would need to have $7,000 of earned income. Depending on your overall income there are also limits on contributing to either type of account.  The income limits are higher for a Roth IRA than a regular IRA.

 

The program will allow you to re characterize the contribution to a regular IRA and avoid the penalty for over contributing to the Roth IRA but you may find that the contribution to the regular IRA becomes a non-deductible contribution.

 

Link to What's the difference between a Tradiontl IRA and a Roth IRA

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