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April 12, 2025
Question

Am I eligible for Traditional IRA contribution or Roth IRA contribution if my income is less than $5000

  • April 12, 2025
  • 2 replies
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2 replies

April 12, 2025

Yes. Since you made less than the yearly maximum IRA contribution limit, your maximum contribution to an IRA is your earned income from your W-2 wages and net profit from self employment activities, if applicable.

DoninGA
Employee
April 12, 2025

Yes, you can contribute to an IRA if you have taxable compensation, earned income, up to the amount of your income.

IRS website for IRA contributions - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits