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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12653
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If I have passive income from farming, can I contribute this

Resolved Question:

If I have passive income from farming, can I contribute this farm income to a SEP IRA?
Submitted: 11 months ago.
Category: Tax
Expert:  Megan C replied 11 months ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Unfortunately, passive income is not eligible to be contributed to SEP IRA - only earned income such as wages or self employment income is.

MyVirtualCPA :

Passive income such as passive farming, real estate rental, etc are not eligible to be contributed to a retirement plan

MyVirtualCPA :

Do you have any further questions about this regard?

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If you have no further questions, please rate my response as "excellent" so that I may receive credit for assisting you today.

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I apologize if the news was not favorable in your situation, keep in mind I am penalized personally for negative ratings, so anything less than "okay" would punish me for my honesty

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12653
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 7 other Tax Specialists are ready to help you
Expert:  Megan C replied 11 months ago.
Thanks, Mark for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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