Dear Child is a graduate student who made $13,000 last year. On tax form, these are the numbers (using whole numbers for easy illustration):
Line 1: Wages, Salaries. $5,700
Line 6: Total Income: $13,000
Line 7: Adjusted Gross Income: $8,700
I already funded $4,400 HSA account last year on behalf of this child. I would like to also fund a Roth IRA (deadline 4/15/19), but not sure which number to use?
If Line 6 is the number, I will fund the full $5,500.
If Line 7 is the number, I can only fund $4,300.
Line 1: Wages, Salaries. $5,700
Line 6: Total Income: $13,000
Line 7: Adjusted Gross Income: $8,700
I already funded $4,400 HSA account last year on behalf of this child. I would like to also fund a Roth IRA (deadline 4/15/19), but not sure which number to use?
If Line 6 is the number, I will fund the full $5,500.
If Line 7 is the number, I can only fund $4,300.