Yes if you have earned income from W2 wages or a Net Profit from self employment.
WOW. Thank you that was fast.
I did not earn any money from a W2 this year.
However, the money was earned in prior years, if that make sense.
Thank you
It has to be 2020 taxable compensation - W-2 or net self-employed income. (1040 line 1 and/or schedule 1 line 3 minus line 14 & 15).
Thank you
Line 1 contains the amount I contributed.
I should be good correct???
Thank you very much
Enter the IRA contribution in the interview and the last screen should tell you if you qualify or if it is an excess contribution.
Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.
We did have a W2 for 2020.
I neglected to tell you that. Apologies.
Having the W2 showing earnings for 2020 is all I needed.
I just needed to be in the guidelines allowed for annual IRA contribution and the W2 needed to have at least that amount.
Thank you very much!!!
Yep.
I did that, worked great.
I do indeed qualify.
Thank you for your responses.