roth contribution when getting social security?
I am employed, and am covered by an employer-funded SEP. I also get social security. Can I still contribute to a Roth? Also, when figuring my MAGI, go I include the gross amount of SS, or just the taxable amount (85% of gross)?
Thanks
Permalink Submitted by Alan - IRA critic on Sun, 2022-12-04 19:16
You can make a Roth IRA contribution with your earned income as long as your MAGI does not exceed the limit for your marital filing status. The taxable amount of your SS benefit is included in MAGI, and the maximum taxable amount is 85% of your SS benefit.