earned income for roth ira contribution
Class of income– possble earned status:
1. FARM RENTAL INCOME (IRS also TAXES AS SSI INCOME –EXTRA TAX)
2. Wind generated income generated on farm Royalties ? or more “rental income”
3. Other farm operation income from plants
Permalink Submitted by Alan Spross on Sun, 2010-09-12 04:23
Generally, if SE tax is paid the net income from self employment is considered earned income. But rental of farmland is normally exempt from SE tax unless taxpayer is a material participant. Is Sch SE included with tax return?
Permalink Submitted by KENNETH ZADWICK on Sun, 2010-09-12 21:17
I was able to avoid se if I post income as rent only to the tax program, and I posted wind income as royalties.
Not sure of correct way to post wind farm income.