3609740
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
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.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question