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Earned Income

I am semi-retired, and I perform annual back door Roths.  For purposes of maximizing my nondeductible IRA contribution, I need to know my "earned income".  Currently, I'm using whatever is reported on line 1a, plus net business income.  But does turbotax calculate "earned income" and display anywhere?

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2 Replies
DawnC
Employee Tax Expert

Earned Income

There is a worksheet included in your return titled Earned Inc Wks.   That worksheet lists all of your earned income.   Your business income will be in Part l and Part ll will add in wages and other earned income.   Total earned income is on Line 14.   

 

Earned income includes wages, salaries, tips, professional fees, and other compensation received for personal services you performed It also includes any taxable scholarship or fellowship grant. Generally, your earned Income is the total of the amount(s) you reported on Form 1040 or 1040-SR, line 1z, plus Schedule 1, lines 3, 6, 8r, 8t, and 8u minus the amount, if any, on Schedule 1, line 15. 

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Earned Income

Your earned income is your W-2 wages plus your net business income less one half of your self employment tax. 

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