Why does Turbo tax states my 2018 IRA contribution of $6,500 is "not permitted" because I do not have earned income but I have a significant amount of commercial rental income?
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Rental income is passive income and is not eligible for IRA contributions. You must have taxable compensation to contribute to an IRA.
Generally, compensation is what you earn from working.
Go to IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) page 6 for definitions of compensation - https://www.irs.gov/pub/irs-pdf/p590a.pdf3page=6
Rental income is passive income and is not eligible for IRA contributions. You must have taxable compensation to contribute to an IRA.
Generally, compensation is what you earn from working.
Go to IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) page 6 for definitions of compensation - https://www.irs.gov/pub/irs-pdf/p590a.pdf3page=6
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