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Roth IRA Contribution for Self-Employed
I want to contribute $5,550 to Personal Roth IRA. Self-Employed Schedule C income = $58,000. Subtract $10,000 contributed to Individual 401K and 1/2 SE taxes and enough money is left for $5,500. TurboTax is allowing contribution to Individual 401k Roth IRA, but not Personal Roth IRA. Earned Income calculates to Zero. I should be able to contribute money to either account. Why is TurboTax not including self-employed income in earned income calculation?
‎April 8, 2020
12:38 PM