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Level 1

Use the amount in 1099-G box 6 (Taxable Grants) and 1099-MISC(Other Income) to contribute to deductible IRA. TT said it is excessive contribution. I have no other income.

If it is not deductible, can I contribute the amount as Roth IRA ?

1 Reply
Level 1

Use the amount in 1099-G box 6 (Taxable Grants) and 1099-MISC(Other Income) to contribute to deductible IRA. TT said it is excessive contribution. I have no other income.

You must have earned income (compensation) and be under the age of 70 1/2 at the end of the year to qualify to contribute to an IRA. Your contribution can be the lesser of your earned income or $5,500.

Hope that helps.