IRA
Is an attorney’s referral fee considered “earned income” so that the fee, up to the permitted amount, may be deposited into the attorney’s Roth IRA?
Is an attorney’s referral fee considered “earned income” so that the fee, up to the permitted amount, may be deposited into the attorney’s Roth IRA?
Permalink Submitted by Alan - IRA critic on Tue, 2021-01-05 14:39
Is the attorney retired? If not, there is plenty of taxable compensation to fully fund his Roth IRA if within the income limits. If retired, and he includes the fee in taxable income, he should be able to treat it as eligible income for an IRA contribution.