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Author: BruceCM Big red star, 1000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76078  
Subject: Re: IRA Confirmation ? Date: 4/7/2014 12:14 PM
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If your income is via a 1099MISC, then you are probably filing a schedule C. If so, take a look at line 31. Assuming you're not using any of this to contribute to a retirement plan, then the max you may contribute to an IRA or IRAs (if more than one) is the lesser of [line 31 - 1/2 SE Tax] or $6,500 per individual, assuming you are 50 or older.

If you are married filing jointly and your AGI is under $95,000 then you may make a deductible traditional IRA contribution for yourself...and...under the rules relating to a spousal IRA, a deductible TIRA contribution for your spouse. You have until April 15 (next week) to designate this contribution to 2013. You may do the same for 2014 if you have sufficient income as described above for 2014.

You don't give your age, but if you or your spouse are 70.5 or older, you may not make a contribution to your TIRA(s). But if your AGI is under $178,000, you may make a non-deductible contribution to your Roth IRA(s).

BruceM
Author: "IRA:A Quick Reference Guide"
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