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December 26, 2022
Question

Can I use 1099K income for a Roth IRA contribution?

  • December 26, 2022
  • 2 replies
  • 0 views

I have income from the sale of several sporting event tickets above face value on a 3rd party vendor's website that will be reported on a 1099K.  I want to use that income to make a contribution to my existing Roth IRA. I have read the IRS.gov publications on income and IRAs but the answer is not 100% clear. Since I will pay taxes on the profit from the sales can I use that after tax income to make a Roth IRA contribution?

2 replies

Employee
December 26, 2022
December 26, 2022

you are not in the business of selling tickets. so you're really telling personal property. gain reported on schedule D. losses are not deductible. this is not earned income for IRA purposes.