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Retirement tax questions
You can contribute the amount of your earned income to your IRA. This would be wages on line 1 of Form 1040 and Line 3 of Schedule 1, Form 1040. If your income reported by YouTube on Form 1099-NEC was in Box 1, it goes on Schedule C as self-employment income. Royalties are reported on Form 1099-MISC, Box 2. Royalties are not earned income and don't qualify for an IRA deduction. As for pretax, it is gross earnings as shown on Form 1040. not taxable income.
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ā€ˇFebruary 4, 2021
4:27 PM