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Get your taxes done using TurboTax
Note that if the income is self-employed income (as apposed to W-2 income) and is over $400 then she must file her own tax return and pay the SE tax (Social Security and medicare) that is 16.3% of self-employed earnings, that will reduce the amount if net income that can be contributed to an IRA by the deducible part of the SE tax which is half the amount of the SE tax.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎December 29, 2020
9:09 AM