Question

IRA contribution for self employed

Forum|Forum|7 years ago
February 12, 2019
1 reply
0 views

Can I contribute to a Roth or Traditional IRA if I only have self employment income?

Yes, you can - self- employment income is treated as earned income for IRA purposes. As long as you have net income from your "business" and providing you meet other qualifications, I recommend that you enter your contribution(s) into the program. TurboTax will determine the maximized amount of the contribution that you will benefit from.

Note: You may want to also talk to your financial advisor or local tax professional to do some financial planning and determine the best retirement plan for you going forward...as there are more options; please see here for details.