Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jun 1, 2019 8:29:42 AM

Can I contribute to Roth with 1099-MISC income I got as non-employee compensation (fixed pmt for use of personal car for company use) I don't own business

0 2 2343
2 Replies
New Member
Jun 1, 2019 8:29:43 AM

It depends on your income.

Roth IRA contributions are limited by income level. In general, you can contribute to a Roth IRA if you have taxable income and your modified adjusted gross income is either:

  • less than $194,000 (phasing out from $184,000) if you are married filing jointly.
  • less than $132,000 (phasing out from $117,000) if you are single, head of household, or married filing separately (if you did not live with your spouse at any time during the previous year).
  • less than $10,000 if you're married filing separately and you lived with your spouse at any time during the previous year.
  • Anyone with earned income that falls under the above guidelines can use a Roth IRA to save for retirement. How much you can save is dependent upon your age.

    If you are under the age of 50, you can contribute $6,000 ($5,500 in 2018) toward retirement in a Roth IRA. If you are married, each individual can set aside  $6,000 ($5,500 in 2018) toward retirement, even if only one partner has a paid job. Each partner can contribute up to that limit across any number of Roth or Traditional IRA accounts, rather than per account.

    If you are age 50 or older the same $6,000  contribution limit ($5,500 in 2018) applies. However, you are also allowed to contribute an additional $1,000 as a “catch up” contribution toward retirement, for a total of $7,000 ($6,500 in 2018). That also is true for a spousal account, if the spouse is 50 or older.

    From the IRS:

    https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

    If you have other questions about this, ask in the comment section below.

Level 2
Jun 1, 2019 8:29:45 AM

Apologies.  While the answer above talked about all of Roth limits, that  did not answer my real question - Can I contribute my 1099-MISC income to Roth, when I am not claiming is as Schedule -C  It is non-employee compensation paid for the use of personal car (fixed amount).  Turbo Tax Desktop edition is telling me this is counted as excess contribution My total W2 income is $2400 and 1099-MISC is$1500.  My question is on $1500 income TT is telling me it  is excess if I contribute $3900 (W2 & 1099-MISC combined)