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October 1, 2021
Question

No earnings, job for my wife. can we set up self employment to contribute for individual IRA? How much will be self employment tax for no earnings?

  • October 1, 2021
  • 1 reply
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1 reply

DoninGA
October 1, 2021

If you do not have any net income for the self-employment there will not be any Self-Employment taxes.

You cannot contribute to an IRA if you do not have any taxable compensation for the year.

Carl11_2
October 7, 2021

I assume you're inquiring about a spousal IRA where you file a joint return, but only one of the tax filers works and has earned income. Start reading at https://www.investopedia.com/what-is-a-spousal-roth-ira-4770888