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Retirement tax questions
Just your W-2. And no, you don't have a $5,000 excess contribution in 2019. Generally, if you're not earning any income, you can't contribute to either a traditional or a Roth IRA. If you have a net loss from self-employment, (we assume your 1099-Misc income was from some type of self-employment because you mentioned it resulted in a loss) don’t subtract that loss from your salaries or wages when figuring your total compensation.
Thus, in your case, you had earned income of $6,000 in 2019, and therefore, you could contribute $6,000 to a Roth IRA.
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March 18, 2022
2:57 PM
827 Views