a11
New Member
This widget could not be displayed.

Retirement tax questions

I received money from donating my eggs and that will be my only income this year as a student. I want use it to max out my Roth IRA and I'm confused if this income counts as "earned income" since it is taxable. I have heard of egg agencies issuing 1099s and having donors report as self employment tax but my agency does not issue them. I've also heard of donors reporting it as other income on line 21 of 1040. I'd rather not be subject to the high self employment tax but I want to be able to have income to contribute to my Roth. I'm also confused about the standard deduction and am wondering if that means I won't have to pay taxes since my compensation is less than the deduction. I've never filed taxes before and sorely need advice on this matter, thanks