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Get your taxes done using TurboTax
What about when there are no SE expenses? My daughter's W-2 income is $470.40 and her 1099-NEC income is $5,226.90. At the section where one enters previous years' ROTH contributions TurboTax says the limit for the 2020 ROTH contribution is $470.40, thereby ignoring the 1099-NEC income. Yet in the info section it says 1099-NEC income counts as earned income. Seems like a glitch to me. What am I misunderstanding?
‎April 22, 2021
4:42 PM