Can Game show Prize Money be used to Contribute to SEP IRA?
Prize money won on a TV Game Show is taxable. Can the proceeds be used to contribute to a SEP-IRA?
Prize money won on a TV Game Show is taxable. Can the proceeds be used to contribute to a SEP-IRA?
Permalink Submitted by Alan - IRA critic on Tue, 2014-12-02 17:57
No. Prize money would not be considered taxable compensation for regular IRA purposes and would also not be considered net earnings from self employment for SEP IRA purposes. Highly unlikely that the person is a professional contestant making regular game show appearances.