2020 Roth contribution

Forum|Forum|5 years ago
March 18, 2021
1 reply
3 views

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

DanaB27

Level 15

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.

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barrysonkinAuthor

Level 2

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