Hi all, my mom works a minimum wage job earning $34k annually. If she can contribute $8k towards her Roth IRA each year, is she eligible for a tax credit (e.g., Saver’s Credit)?
If so, is there a tax form she will need to present when filing for taxes?
Are there any tax benefits to contributing $8k to Roth IRA with a yearly income of $34k?
byu/justnot_thereyet intax
Posted by justnot_thereyet
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Yes, she would receive the Saver’s credit. Form 8880.