My son’s Roth IRA Account

Submitted by Steven David on Sun, 2018-03-18 10:27

Hi..

My son, who is 18 yrs old, worked (2) jobs last year (2017 CY) and earned about $2690 (gross earnings).
And he opened a Roth IRA last year too.

His question is… what is the maximum amount that he can contribute to his Roth IRA for 2017CY?

Can he contribute only $2690?
Or can he contribute the max of $5500??

Thanks for your advice and guidance.

Regards
Steven



Submitted by Alan - IRA critic on Sun, 2018-03-18 15:36

If he received W-2 forms, the limit is the Box 1 amount on the W-2 forms. He cannot contribute more than his taxable compensation, which is probably 2690.

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