topic Re: 2020 Roth contribution in Get your taxes done using TurboTax

2020 Roth contribution

barrysonkin — Thu, 18 Mar 2021 19:46:50 GMT

Based on my 2020 tax return I did with Turbo Tax, how much can I contribute to my Roth IRA?

Re: 2020 Roth contribution

DanaB27 — Sun, 21 Mar 2021 11:42:07 GMT

It depends on you modified adjusted gross income (MAGI). Please be aware we cannot see your tax return. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020. To calculate your MAGI for Roth IRA purposes please see Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes.

Please see What Is the Difference Between AGI and MAGI on Your Taxes? for additional information.

Re: 2020 Roth contribution

barrysonkin — Thu, 15 Apr 2021 05:55:21 GMT

I still need help with this issue about how much I can contribute to my Roth IRA. I only earned $725 in Earned Income. The rest of my income was from Social Security, Dividends and Interest, and an Annuity. My question is: Am I limited to the Earned Income amount only, to match in my Roth, or is any of my other Income applicable to the amount I can match in my Roth. Thanks