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posted Feb 8, 2025 12:43:00 PM

Roth IRA Contribution

My wife has a side gig and is compensated (earned income). There is no W-2.  I listed the income under Miscellaneous income.   After I entered a Roth IRA contribution the software told be I had an excess contribution.  Is a Roth contribution only allowed on W-2 income?

 

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2 Replies
Level 15
Feb 8, 2025 1:11:27 PM

The side gig is earned income which will allow a Roth contribution. But you have to report that income. She is self employed so must complete Schedule C. 

Level 15
Feb 8, 2025 1:12:51 PM

This needs to be reported as income from self-employment, not miscellaneous income.