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TreeBark
New Member

Trustee Fee income and IRA contribution eligibility is not computing correctly

2024 TurboTax Home and Business (Windows)  is not including Trustee Fee income (other reportable income)  when determining eligibility for annual IRA contribution.  The 2022 and 2023 versions of TurboTax Home and Business did include Trustee Fee (other reportable income) to determine IRA contribution eligibility.  In 2022, the application made a recommendation to contribute to an IRA to reduce tax exposure.

 

Is there a patch or upgrade to fix this?  

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1 Reply
dmertz
Level 15

Trustee Fee income and IRA contribution eligibility is not computing correctly

For the trustee fee to be considered to be compensation, it must be reported as income from self-employment.  You must have done this in 2022 and 2023 TurboTax but apparently not in 2024 TurboTax.  Your compensation  that will support an IRA contribution will then be the net profit on Schedule C minus the deductible portion of self-employment taxes.

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