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Retirement tax questions
Hello Bsch,
That was exactly my point. If I report it on Schedule C I would call it 'explicit' earned income. In that case obviously everything works as expected. So that is a work-around: my QBI pays me $10,000, I report it on Schedule C and I can contribute.
My question was: if I don't report anything on Schedule C, shouldn't my QBI income implicitly be considered as earned income (or at least part of it)? Thus allowing me to contribute to an IRA?
‎July 6, 2024
8:59 AM