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 ?

posted

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.

In 2022 I used the TurboTax download to prepare my tax return and that was the first year I had Qualified Charitable Contribution (QCD) as part of my IRA RMD. I got an IRS Notice: CP2000 about that return stating that "We couldn't identify the retire...

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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.

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.

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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.

Do you have an Intuit account?

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.

Get more help

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