Roth IRA Eligibility
Roth IRA income test is based on a taxpayers MAGI
Invidiual (currently a minor, age 17) is due to have an estimated $2,000 in gross earnings this year. Being a dependent, after deductions she will have zero taxable income
Is she eligible to to fund a Roth for 2018?
Thank you
Permalink Submitted by Alan - IRA critic on Fri, 2018-09-14 20:18
The income must be earned, such as wages. If no taxes are due because of deductions or even if no tax return needs to be filed, the Roth contribution can still be made.