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C
Char52
April 15, 2023
Question

Figuring how much to contribute to Roth IRA

  • April 15, 2023
  • 1 reply
  • 0 views

Hubby's income total  for 2022 is $1412.94. How to figure the amount to contribute. age 71. $16248.30 was placed in work 401K. Total wages were $17661.75 used to determine SS and Medicare

 

I take total SS age 72. Appears I cannot contribute to Roth IRA due to low income total filing joitly

1 reply

D
DanaB27
April 18, 2023

Yes, if you don't have enough taxable compensation (earned income) then your IRA contributions will be limited.  

 

For 2022 the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

 

Please see Kay Bailey Hutchison Spousal IRA for additional information.

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