I just opened a Roth IRA a few weeks ago and I already put in $6000. I did not work in the US in the 2019 calendar year because I was living abroad but I moved back to the US and since January I've had a job in which I've made (a measly) $8,446 YTD Gross. My NET wages for the year are $7,667.
Since I haven't done taxes for 2020 yet, is it ok that I contributed to my Roth this year or should I have waited until tax season of next year (April 15th of 2021) for making the contribution for 2020? Follow?
Is the contribution amount based on Gross wages or Net? I'd like to open one for my spouse too and I'd like to know how much I'd be able to contribute to her account.
I was under the impression that I was able to contribute this year but not entirely certain. Thanks for any feedback.
Submitted September 18, 2020 at 07:48PM by mossycave https://ift.tt/3iLc05M
