merlin3942
Recycles dryer sheets
- Joined
- Jun 9, 2014
- Messages
- 67
Hoping someone here can help with a tax question - I've not been able to get through to any "tax question advisors" at IRS, or at my tax prep software support (H&R Block). My only "earned income" for 2020 was classified as "nonemployee compensation income", earned from being a "guest lecturer" at a number of work-related workshops (via Zoom, actually!) in 2020. Based on those earnings, I went ahead and made a ROTH IRA contribution for the maximum allowable amount several weeks ago ($7,000 in my case), based on my nonemployee compensation income of just under $10,000. However, my H&R Block tax software program is now telling me that based on the income I declared for 2020, I am not eligible to make any ROTH IRA contribution, and must withdraw it (and any interest earned so far), or be liable for a penalty. That just doesn't seem correct .... anyone know for sure?