Excess IRA Contributions


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Mar 22, 2009
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I ONLY HAVE INCOME FROM STOCK SALES AND FROM AN 1120S. I WAS TOLD THAT I CAN'T CONTRIBUTE TO AN IRA BECAUSE IT IS MORE THAN MY EARNED INCOME AMOUNT. APPARENTLY, I DON'T HAVE ANY EARNED INCOME. WHAT CAN I DO. I'VE BEEN CONTRIBUTING TO AN IRA IN THE PAST BUT NEVER TOOK THE DEDUCTION.

Why isn't the money I earned from my business (1120S) considered earned income.

I didn't take a salary. Thanks.
 
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