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Does anyone know which line item on the tax form corresponds w/ the earned income amount? I'm trying to determine my IRA contribution limit and had low income last year.
I had low w/ both my gross & net income being less than $5,500 last year. I am now trying to determine my max amount for a Roth contribution for 2018. I think my limit would be my net profit from my contracting business. However, I think I could be wrong and it might be taxable income (line 10 on 1040) or possibly something else.
Can anyone confirm or correct me? Thank you.
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posted
June 3, 2019
11:01 AM
last updated
June 03, 2019
11:01 AM
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Does anyone know which line item on the tax form corresponds w/ the earned income amount? I'm trying to determine my IRA contribution limit and had low income last year.
If your only compensation is from self-employment, it's net profit minus the deductible portion of self-employment taxes and any self-employed retirement deduction. In other words, Schedule 1 line 12 minus lines 27 and 28.
June 3, 2019
11:01 AM
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Does anyone know which line item on the tax form corresponds w/ the earned income amount? I'm trying to determine my IRA contribution limit and had low income last year.
Awesome. I am assuming the other income adjustments do not matter than for the Roth ira contribution. Just the portion for self employment tax and self-employed retirement deduction. Is that right? Thank you for your help.
June 3, 2019
11:01 AM
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Does anyone know which line item on the tax form corresponds w/ the earned income amount? I'm trying to determine my IRA contribution limit and had low income last year.
Right. Since your AGI is low, you will likely benefit more from the Roth IRA contribution that you are proposing than from a traditional IRA contribution.
June 3, 2019
11:01 AM
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Does anyone know which line item on the tax form corresponds w/ the earned income amount? I'm trying to determine my IRA contribution limit and had low income last year.
That is exactly what I was looking to do, but wanted to make sure I didn't over contribute. Thank you again for your help.
June 3, 2019
11:02 AM
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