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Deductions & credits
Where do you see the contribution as taxable?
I assume that you have at least $12,000 of taxable compensation in order to make the contributions.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax and any self employment plan contributions, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).
**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.**
ā€ˇFebruary 9, 2021
9:33 PM