Question

1099 nec and 1099 misc box 6

Forum|Forum|3 years ago
March 29, 2023
1 reply
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I'm self-employed. Receive some income on 1099 NEC and some on 1099 Misc box 6. Turbo Tax tells me I have 0 earned income so Ican't contribute to a regular IRA.

Must 1099 Misc box 6 be included on Schedule C or can it go under personal?

TurboTax Home & Biz Windows

JohnB5677

Are you a health care provider?

Box 6. Medical and Health Care Payments. The issuing party will enter payments of $600 or more made from their trade or business to each physician or other supplier or provider of medical or health care services.

If your business is related to health care, it will be included on your Schedule C. If you're not in health care, I don't know why the 1099-MISC with box 6 was issued to you.

Anyone with earned income can contribute to a Traditional IRA. There is no age limit. This includes self-employment Net Income.

The most you can contribute to all of your traditional and Roth IRAs is the smaller of:

For 2021, $6,000, or $7,000 if you’re age 50 or older by the end of the year, or your taxable compensation for the year.
For 2022, $6,000, or $7,000 if you’re age 50 or older by the end of the year, or your taxable compensation for the year.
For 2023, $6,500, or $7,500 if you’re age 50 or older by the end of the year, or your taxable compensation for the year.

If this does not completely answer your question, please contact us again and provide some additional details.

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