IRA - Stock Trader contribution
Answer:
IRA and pension deductions are based on earnings.
Earnings are subject to payroll taxes, specifically social security, also referred to as self-employment tax for sole proprietors.
If you are not paying payroll taxes on your trading profits, you are not eligible for an IRA deduction or pension plan.
However, you may qualify for a spousal IRA if you income falls within certain limits.
Earnings are subject to payroll taxes, specifically social security, also referred to as self-employment tax for sole proprietors.
If you are not paying payroll taxes on your trading profits, you are not eligible for an IRA deduction or pension plan.
However, you may qualify for a spousal IRA if you income falls within certain limits.
