Question about IRA contribution wrt self employment Assume: self employed income: 7k in 2024 no other income (no w2 income, no capital gain) in 2024 expense for self employment: 1k fica: 1k Question: how much can I contribute to my IRA? 7k, 6k, 5k, or anything else? TIA! submitted by /u/wasabi-rich

Evaluating whether I should enter an employment program or not Just last year I went from being legally blind and having 95% of my visual acuity in my remaining eye to losing most of my central vision. I’m in my mid 20s and several years back I moved from Virginia to the Deep South after graduating college. Truthfully I’ve never found my footing career-wise. It’s been floated to me that I should join the Bl…

Someone has stolen my SSN for tax returns, and now employment For the past few years, I’ve received letters from the IRS informing me of a suspicious tax return with my info on it. I called in every time to have it removed, and this year they also put an IP PIN on my account (they were supposed to do it last year, but apparently failed to do so). This month, I also received a notice that my withholdings ar…

Taxes and deductions from side-job self employment I started picking up a side job doing some software development on the side, in addition to my full time salary job. I want to make sure I have an understanding of my tax responsibilities for my side job. Background: I live in MD. Married, filing jointly. From my main job pay, My gross income will exceed the $168,000 Social Security tax limi…

Stay as local travel nurse or become staff nurse? *Long* Employment/Planning Hi everyone, this is quite lengthy so I appreciate anyone who helps! I am a 33 year old who has been a nurse now in Phoenix, Arizona for 5 years. The last 2.5 years have been as a local travel nurse at a local hospital. I was wondering if I should become a staff nurse or continue to extend my contracts for as long as possible. Details below. As …

Hard time finding employment Is anyone else having trouble finding employment? It’s been almost 3 months for me and no luck yet a lot of the jobs close by are not even looking at applications on Indeed or have hundreds (I’ve seen some with almost 500) of applicants. This is really hard and discouraging especially with the fact that I can only work within 10-15 miles of my h…

Lender is requiring proof of future employment for home loan? My husband does electrical contract work through his union. He has done it for 16 years. Yet, this lender says we need to prove he will be working and making enough money next year too. They need the dates he will be working and how much he will get paid per job. But that’s not how contract work functions!? Those job don’t exist yet so we couldn…

Right after employment I found out that the employer does not pay I just got a job bartending at a more upper scale restaurant. I currently work as a bartender at a sports bar and was looking to move up the ladder. Shortly after my first day, I told someone I know who is currently working at another restaurant about my position and she told me that she had just quit working for my current employer because he r…

Qualifying for a mortgage with self employment income I run a company that I just started earlier this year. I plan on refinancing my house in 2025 and i spoke to my lender about what he needs for me to qualify on self employed income alone. One requirement is 2 years of tax returns. So that would be my 2023 and 2024 tax returns. My question is: im assuming 2024 will be a full year of self employed…

NCAA focused on employment status of athletes NCAA president Charlie Baker said Wednesday at a Senate hearing that college sports are “overdue for change” and shifted focus away from federal legislation of athlete compensation and toward players being deemed employees of their schools.

New York Life employment IRA On mobile so sorry for formatting. My wife recently became applicable to receive her company 401k. They use New York Life and it has been giving me sketchy vibes. They won’t let her choose any type of plan (no target date or anything) and had her take a questionnaire and need another phone call before signing her up. They also want a bunch of in…

New to self-employment — best retirement savings strategy? Until earlier this year, I’ve been a w2 employee my entire life. I left my w2 job this year where I had a 401k + employer match. I had contributed up until the time I left, including into 2023. I’m now pursuing various ventures, one of which is consulting, from which I expect to earn north of $200k this year. My total income for this year will b…

Employment expense refunds never received, employer says otherwise My employer (large corporate company in USA) owes me around 2.5k EUR in refunds for expenses incurred during work-related travel. The employer tried to transfer these funds through Bank of America, passing through some intermediate banks, with the final target bank in Europe. My bank never received the funds, and when I contacted my employer, th…

Is there a rule of thumb for going from W2 employment with benefits to self-employed? In short: My sole-proprietorship side gig income has matched my full-time income (not counting retirement, health care, and taxes). I understand the inherent risks of going from a full-time job with benefits to pursuing a career completely self-employed and want to be very well prepared if I do take the plunge (which might be in 3-4 years from n…