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ian-m
New Member

If I only worked part of the 2020 year, as I am now unemployed, can I contribute to a Roth IRA and deduct that contribution on my 2020 filing?

 
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2 Replies

If I only worked part of the 2020 year, as I am now unemployed, can I contribute to a Roth IRA and deduct that contribution on my 2020 filing?

Roth IRA's are not deductible on a federal tax return.  Only contributions to a Traditional IRA can be deducted on a federal tax return.

Go to this IRS website for information - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

 

For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.
ian-m
New Member

If I only worked part of the 2020 year, as I am now unemployed, can I contribute to a Roth IRA and deduct that contribution on my 2020 filing?

Thank you!

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