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Why am I getting "your ira contribution is not permitted"? I don't understand why my earned income is 0?
i'm contributing $5,500 for 2016, which I will deposit into IRA account in Fidelity before April 15, 2017
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June 6, 2019
2:55 AM
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Retirement tax questions
What earned Income have you entered? If you filed 1099-MISC forms for self-employment, you would need a profit in that business. It you have no W-2s, and no profit, you have no earned income.
June 6, 2019
2:55 AM
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Retirement tax questions
thank you for your response. However, isn't earned income equal to the salary noted in W-2#1? I'm not selfemployed.
June 6, 2019
2:55 AM
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Retirement tax questions
Earned income would show in Box 1 of your W-2. If the program is saying you have no W-2 then that means you have not entered the W-2 yet, or that you chose the W-2 belonged to your spouse instead of you. You would need to go back and edit the W-2 under Federal Taxes, Wages and income to correct that or any other entry error.
June 6, 2019
2:55 AM