Retirement tax questions

ROTH contributions do not give you a deduction now.  You pay tax on you total income now but when you take a ROTH Distribution it will come out tax free and the earnings will be tax free too.  

 

You need to have enough earned income to make a contribution.  SS does not count as earned income.  What kind of 1099 income?  1099Misc for self employment?  

 

If you have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for the ER portion of your self-employment taxes. See IRS publication 590A (page 39 for ROTH) https://www.irs.gov/pub/irs-pdf/p590a.pdf

 

So check 1040 Schedule 1 line 14. You have to deduct that amount from your Schedule C Net Profit. That will give you the allowed contribution for the 1099Misc income.

 

And make sure the Schedule C and ROTH Contribution are entered for the same person.