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IRA contribution when QBI is my only income - Is this be a T-TAX flaw?
Hello,
I am in a situation where I own rental properties and I meet the criteria for a QBI (200 hours a year, actively involved, etc.) Basically it is a full time job. The way my business is set up, is a sole proprietorship and my only income is the QBI (besides some dividends and capital gains). Based on that, my understanding is that I should be able to contribute to an IRA. When I go to do that in TTax, I am told that my EARNED INCOME is ZERO, thus I can contribute ZERO dollars to an IRA. Basically TTax wants explicit earned income (self-employed, 1099, W2 etc.). Isn't this INCORRECT and should be fixed?
thank you in advance
‎July 6, 2024
8:26 AM