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 ?
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.
