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Restrictions on IRA contributions
TurboTax is reporting that I can't contribute more to my IRA than the amount of my earned income which is zero. I am retired with income from SSA and rentals. Can you please explain this issue and what exactly constitutes earned income? I don't believe I ran into this last year so have tax laws changed?
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June 3, 2019
10:28 AM
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Retirement tax questions
Earned income is generally income reported in box 1 of a W-2 (minus any amount in box 11) or net earnings from self-employment on which you would typically pay self-employment tax. Rental income is normally passive income, not income from self-employment.
June 3, 2019
10:28 AM