EARNED INCOME
01.Core Concepts
What is earned income? • W-2 income • Schedule C net income • Income as a general partner • Alimony* • Graduate & postdoctoral study income Exceptions • Spousal IRA – spouse of account owner has sufficient earned income *Effective for divorces before 2019 (i.e., starting in 2019, alimony/spousal support is not deductible by the payor nor taxable to the recipient (TCJA))