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.