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What is earned income for IRA contributions?

Generally, earned income for IRA contributions is money earned from employment. Some examples of earned include: If you have any of these types of income for the year, then you could make contributions to an IRA. In certain cases, the IRS can also consider other types of compensation for IRA contributions.

Do Roth IRA contributions count as earned income?

Those benefits can be counted as earned income. Aside from having earned income, you also have to be within certain income limits in order to contribute to a Roth IRA. Specifically, the IRS bases eligibility to make Roth IRA contributions on modified adjusted gross income (MAGI) and filing status.

How much can you contribute to a Roth IRA?

Roth IRAs are funded with after-tax dollars and allow you to withdraw money tax-free in retirement. The IRS limits how much you can contribute to an IRA each year. As of 2024, the IRA contribution limit is $7,000. An additional catch-up contribution of $1,000 is allowed if you’re 50 or older. These limits apply to traditional and Roth IRAs.

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