AmyC
Expert Alumni

Business & farm

The IRS requires taxable earned income to make a ROTH contribution.  The rules for IRA contributions

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

  • $7,000 ($8,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

A business would require filing a sch C.

DoninGA was correct that less than $1300 of "other" income does not require filing a return. 

Reference: Publication 525 (2024), Taxable and Nontaxable Income

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