Didn't the law on IRA contributions change to now allow contributions after the age of 70 1/2?

[VolvoGirl]

You have a lot of self employment income but is that also your Net Profit on schedule C?  Or did you expense a lot of it?  

[Anonymous]

This is lame, I know, but I can't figure out how to view the 1040.

[Anonymous]

No, unfortunately, working remotely hasn't led to many expenses.  The net is over $40K

[DoninGA]

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@Anonymous wrote:

This is lame, I know, but I can't figure out how to view the 1040.

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You can view your Form 1040 at any time. Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[Anonymous]

Thank you! 

The allowable part of self-employed income would be the 1040 schedule 1 line 3 minus line 14.

Schedule 1 line 3 - Business Income - is over $40K

Line 14 - Deductible part of self-employment tax -- is over $3K

[dmertz]

You must also subtract from net profit anything reported on Schedule 1 line 14 as a self-employed retirement deduction, but with, say, $45k of net profit and a maximized self-employed 401(k) contribution there would still be a enough compensation from self-employment remaining to support $6,xxx of IRA contribution.

Note that income excluded as foreign earned is not permitted to be used to support an IRA contribution.

[macuser_22]

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@Anonymous wrote:

Thank you! 

The allowable part of self-employed income would be the 1040 schedule 1 line 3 minus line 14.

Schedule 1 line 3 - Business Income - is over $40K

Line 14 - Deductible part of self-employment tax -- is over $3K

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I would suggest printing all forms and worksheets and view the IRA Deduction Worksheet if a Traditional IRA abs see what is on line 2 & 3 and they are in the column for you.

Or if a Roth IRA then look at the "Roth IRA Contribution Limit Worksheet" lines 5,6, 7 & 8. To see if limited.

[VolvoGirl]

Just thought of something else.  Are you married?  Be sure your W2, Schedule C and IRA Contributions are all assigned to the same person.  Maybe your schedule C is listed under your spouse?

[Anonymous]

"I would suggest printing all forms and worksheets and view the IRA Deduction Worksheet if a Traditional IRA abs see what is on line 2 & 3 and they are in the column for you."

--It's a traditional IRA.  I can see the whole 1040 under Preview as you instructed before.  But how would I get to the IRA Deduction Worksheet?

[Anonymous]

Thanks for brainstorming - but I'm single.

[macuser_22]

See this FAC on how to print from online.   You would use the option to print all forms and worksheets.

https://ttlc.intuit.com/community/printing/help/can-i-print-a-copy-of-my-turbotax-online-return-befo...

[Anonymous]

See this FAC on how to print from online. You would use the option to print all forms and worksheets.

-- That seems to require payment before printing. 

-- Do you have any suggestions for getting someone to check the software?  Does it not seem like the IRA deduction is picking up my W-2 income and not my self-employment income? 

Thanks very much, though, for helping.

[jseppala1]

According to the "CARES" act of 2019, for 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs. Turbo tax doesn't seem to have picked this up yet. I don't know if there's any way to override. 

[jseppala1]

My software is up to date according to TT and I get the same message - no contributions after age 70 1/2. Does anyone know if there's a way to override this?

[macuser_22]

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@jseppala1 wrote:

My software is up to date according to TT and I get the same message - no contributions after age 70 1/2. Does anyone know if there's a way to override this?

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Exactly where does it say that?    If you are looking at the help then  that has not been updated but the IRA contribution interview works correctly.