About franksrental

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Re: IRA contribution when QBI is my only income - Is this be a T-TAX...

thanks Bsch, I assumed that was the case since in order to be QBI you have to be actively involved 250 hours a year. Clearly with RE mutual funds that would not...

franksrental

Updated Jul 06, 2024
Re: IRA contribution when QBI is my only income - Is this be a T-TAX...

Thanks VG, I follow your point, but by definition of QBI is what makes your rental properties become a business and not anymore an investment. Basically their i...

franksrental

2

Updated Jul 06, 2024
Re: IRA contribution when QBI is my only income - Is this be a T-TAX...

thanks so much Drmetz!In simple words, the income needs to show "explicitly" somewhere as compensation.So, Drmetz in your opinion:Do I need to charge my QBI an ...

franksrental

4

Updated Jul 06, 2024
Re: IRA contribution when QBI is my only income - Is this be a T-TAX...

Bottom line: I believe the calculation of "EARNED INCOME" in turbotax is not comprehensive.Basically to contribute to an IRA you need EARNED INCOME. It seems to...

franksrental

6

Updated Jul 06, 2024
Re: IRA contribution when QBI is my only income - Is this be a T-TAX...

thanks VGirl, yes it is reported on schedule E by Turbotax. My schedule C is empty.The way TTax works is: it makes you enter you rental income then it asks if i...

franksrental

7

Updated Jul 06, 2024

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Date Registered	‎February 14, 2022 3:20 PM
Date Last Visited	‎April 13, 2025 11:45 AM
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