Michael C. asked

💰  Tax

I have a question regarding Spousal IRAs and SEP IRAs. The IRS allows contributions to an IRA for a spouse without taxable compensation if filing a joint return, as long as the other spouse has enough earned income. However, TurboTax states that excess contributions to a spouse's plan may result in penalties. Additionally, if my spouse and I are running a business as a joint venture and received a single 1099 form under my social security number, how should we report this income on our taxes?

April 12th, 2024

Paul W. answered

The IRS rule allowing contributions to a spouse's IRA without taxable compensation if filing a joint...

April 12th, 2024

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