How much can I contribute to Roth IRA for 2020?
I am a bit confused how much I can contribute to my Roth IRA for 2020 as I am doing my taxes. We only have an earned income of $3K, but our adjusted income for 2020 is almost 270K due to a massive conversion from our traditional IRA to our Roth IRA. My questions are:
1. Is there a income limitation for contribution to Roth?
2. If there is, then we are not eligible to contribute. But if there is not, then we can contribute to the amount of our 3K earned income, right?
We have not been able to contribute to Roth due to income limitation for years and kind of forgetting the rules of it.