I started participating in the Amazon Vine product evaluation program this year. Next year I will receive a 1099-NEC for the estimated tax value of the products reviewed. I expect it to be around $2,000. I am retired with no other earn income, just pension and social security, and I am not old enough to start taking Required Minimum Distributions from my IRA.
When I do my taxes next year, could I contribute an amount equivalent to the 1099-NEC to my existing Traditional IRA to offset the increase in income taxes caused by the 1099-NEC?
