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Level 2

Question

ira contributions

6 replies
35 views

My earned income for 2020 was just about $4100. I contributed $6495 to my 401k and was planning to contribute the max when returning from FMLA, but was not permitted to work remotely and they could not isolate me, so I filed for unemployment. I collected roughly $23,750. I'm also collecting social security. Since //i have contributed to 401k, how much can I contribute to IRA, either traditional or ROTH?

Level 15

For 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs. But your contribution cannot be greater than your earned income.

Level 15

I assume that you are not self-employed. Unless you are married filing jointly and your compensation is less than that of your spouse, the amount that you can contribute to an IRA for 2020 can be no more than the amount in box 1 of your 2020 Form(s) W-2, minus any amount in box 11.

Level 2

how does the fact that i have made contributions to a 401k affect the amount i can contribute/deduct to ira either traditional or roth?