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Level 1
posted Jun 5, 2019 3:02:03 PM

I adjestes my goss income to include w2 box1 and SCH on line 7 of 1040. I cannot contribute my full 5500 for IRA even though line 7 is more than 5500. Please help

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1 Best answer
Level 15
Jun 5, 2019 3:02:05 PM

The SCH income does not count as earned income (compensation) for purposes of an IRA deduction, despite being on line 7

1 Replies
Level 15
Jun 5, 2019 3:02:05 PM

The SCH income does not count as earned income (compensation) for purposes of an IRA deduction, despite being on line 7