dmertz
Level 15

Retirement tax questions

1.  Based on all of the entries that you make, TurboTax will determine if any portion of a Roth IRA contribution that you enter is an excess contribution.  TurboTax does not make that determination until you enter a Roth IRA contribution.

 

2.  No (or at least not any substantial amount), unless your spouse has compensation to support your IRA contribution and you file jointly.  Your compensation from self-employment (farming) that will support your IRA contribution is net earnings.  Net earnings are net profit minus the deductible portion of self-employment taxes.  With no net profit you have no net earnings and no compensation to support an IRA contribution.