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Retirement tax questions
What did you get the 1099Misc for? If it wasn't self employment income you may not have been qualified to make a retirement contribution. Did it go into a IRA or ROTH IRA account?
If it was for self employment income you need to fill out schedule C in your tax return and pay self employment tax on it. You can deduct any expenses for it. But you can only contribute to a IRA from the Net Profit on schedule C minus half of the self employement tax so you may have an excess contribution to the IRA.
Ask your financial advisor if it was a new contribution and that you may have contributed too much.
March 10, 2023
8:31 AM