topic Re: Roth IRA Contribution in Retirement tax questions

Roth IRA Contribution

kkupfer — Sat, 08 Feb 2025 20:43:00 GMT

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?

Re: Roth IRA Contribution

Bsch4477 — Sat, 08 Feb 2025 21:11:27 GMT

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.

Re: Roth IRA Contribution

dmertz — Sat, 08 Feb 2025 21:12:51 GMT

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