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Retirement tax questions
The IRS says, "Generally, compensation is what you earn from working." Thus, you must have earned income to contribute to an IRA.
If the miscellaneous income had actually been earned income, it probably should have been described as self-employment income on Schedule C.
Or more simply put, miscellaneous income is not "wages". Wages are entered on a W-2 or in Schedule C.
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‎February 24, 2025
9:26 AM
2,375 Views