Figuring how much to contribute to Roth IRA

Hubby's income total for 2022 is $1412.94. How to figure the amount to contribute. age 71. $16248.30 was placed in work 401K. Total wages were $17661.75 used to determine SS and Medicare

I take total SS age 72. Appears I cannot contribute to Roth IRA due to low income total filing joitly

491

Expert Alumni

Apr 18, 2023 1:16:38 PM

Yes, if you don't have enough taxable compensation (earned income) then your IRA contributions will be limited.

For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

Please see Kay Bailey Hutchison Spousal IRA for additional information.

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Figuring how much to contribute to Roth IRA