turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Roth IRA Contribution allowed : W2 Earned Income only & No Unearned Interest Income

Hello

 

For 2024, my grad dependant student had W2 earned income $800 and unearned Interest Income $800.

So AGI1600-SD1300 = 300 taxable income and 10%tax =30.

 

My question is :

Is he allowed to contribute entire AGI $1600 into his Roth IRA ?

or

Just the W2 Earned income of AGI i.e. $800 into his Roth IRA?

 

Pub590a Pg40 Worksheet 2-1 for MAGI for Roth IRA purpose only mentions to use Lin 11(AGI) from 1040. 

 

 

 

 

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Roth IRA Contribution allowed : W2 Earned Income only & No Unearned Interest Income

Only the $800 of earned income allows the Roth contribution. 

Roth IRA Contribution allowed : W2 Earned Income only & No Unearned Interest Income

Understood. Thank you.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question