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Are there any special rules or limitations for contributing cryptocurrency income to a Roth IRA in 2022?

avatarShepard AlstonNov 28, 2021 · 3 years ago1 answers

What are the specific rules and limitations that need to be considered when contributing cryptocurrency income to a Roth IRA in 2022? Are there any restrictions or requirements that differ from traditional income sources?

Are there any special rules or limitations for contributing cryptocurrency income to a Roth IRA in 2022?
Cryptocurrency
Roth IRA
Income

1 answers

  • avatarNov 28, 2021 · 3 years ago
    Contributing cryptocurrency income to a Roth IRA in 2022 has its own set of rules and limitations. The IRS treats cryptocurrency as property, so any gains or losses are subject to capital gains tax. This means that if you sell your cryptocurrency at a profit, you'll need to report the income and pay taxes on it. Additionally, there are contribution limits for Roth IRAs, which for 2022 is $6,000 for individuals under 50 years old and $7,000 for individuals 50 and older. These limits apply to all contributions, regardless of the source of income. It's important to consult with a tax professional or financial advisor for personalized advice based on your specific situation.

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