Filing Taxes b/c of Roth IRA?

[elissia]

Hi there!

I'm hoping to make full contributions to my ROTH IRA for the 2023 year. I made under $13,000 so I was not planning of doing any tax return stuff (I have no idea where I would even start to do that).

But do I need to file taxes or anything considering I'm doing a ROTH IRA? Probably a silly question I know, I'm a student working part time in college, just trying to figure this stuff out.

Thanks!

 

[lovinjesus4ever]

@elissia Did you make more than 400 self employed? If so you have to file anyway https://www.irs.gov/businesses/smal...f-employed-individuals-tax-center#Obligations , you can file for less than $10 with OLT.com

 

[elissia]

@lovinjesus4ever its with a business, I'm not self employed

 

[lovinjesus4ever]

@elissia Still check the numbers, sometimes it's actually to your benefit to file.

 

[into_the_wilderness]

@elissia At low income you may qualify for the Savers Credit. I think you should run the numbers.

 

[alwaystruth]

@elissia You can only contribute what you earned as income or a maximum of $7000 in 2023 to a Roth IRA.

If you earned $6000 you can contribute $6000.

You should file taxes if you paid Federal Income Tax or State Income Tax to get it back as a refund.

If you do your taxes, you do not do anything about the Roth. It is only with a traditional that you do something to claim the tax deferred for a traditional IRA.