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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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‎February 27, 2025
2:11 PM