I'm currently trying to use MTurk to supplement my income so that this year I can successfully hit the $6000 Roth IRA contribution limit. I have a lot of questions, and any answers or guidance would be much appreciated (also, is there any way to search posts?)!
- I made $150 last year on MTurk (just started in December), can I put that income in my Roth IRA even though it's below the $400 tax threshold?
- When can I put my MTurk income into my Roth IRA? Can I do it as soon as it lands in my bank account? Or do I have to wait to pay taxes on it first? For example, once I cash in the $150 from last year, can I put it into my Roth IRA right away?
- Let's say I made $5000 this year on MTurk and I have $300 in taxes. Do I get to contribute $5000 to my Roth IRA, or can I only put in the $4700 after taxes into the Roth IRA?
- If I made money in one calendar year and cash out the next, does that income count as income for the year I made it in or income for the year I received it in? For example, if I cash out the $150 I made last year in a week, does that count as earnings for 2020 or 2021?