Retirement Plan Eligibility
I made $89k in 2020 in revenue in my business, but my QuickBooks says I “wrote off” or spent $91k for a negative $2k. Am I eligible to put any money into a retirement account for 2020? Roth IRA, Traditional IRA, or Uni K? Thank you!
Permalink Submitted by Alan - IRA critic on Tue, 2021-01-12 14:05
No, there would be no net earnings from self employment from which to make a contribution. However, if an S Corp, you could use Box 1 W-2 income for the contribution.
Permalink Submitted by Jonathan Sard on Tue, 2021-01-12 14:45
Thank you so much for your response!!