Hi,
I’m trying some “what if” scenarios using TT2020 Premier. I’m a partner in an LLC. The LLC is in California and I am a resident of California. I am actively involved in the operation of the business. The LLC and dividend/interest are my only source of income.
For 2020, I received a K1 and claimed the 25k income (form 1065 submitted). I’m trying to see what would happen if I had contributed to my Roth IRA. (I’m 65+, so trying to contribute 7k). I must be checking the wrong boxes because TT keeps telling me that I have excess contributions because my income is zero. From what I’ve read, I need to have earned income to contribute to a Roth IRA. I would appreciate it if someone could tell me what I should be doing in TT so it would see my 25K as earned income.
I’ve read through the TT discussions and found one that may apply (Mike300, posted 6/30/20). But just want to be sure.
Thank you
