[jm962011]

Anyone have any good notes they’d like to share about the rental property vs personal property rules and where to report (Sch E vs Sch C)? Roger is confusing the heck out of me and I googled it, got a text book publishers power point and still confused.

[jm962011]

also looking for some clarification on retirement contributions.

Roger says “The contribution limit per individual applies to the total contributed to both varieties of IRA. (I understand this.) The contribution limit for Roth IRAs does not apply to taxpayers with income below 114,000 and cannot be used by taxpayers with more than $129,000 of AGI.”

So, I understand that you get no deduction for contributions to an IRA if your AGI is above $129,000 but “the contribution limit for Roth IRAs does not apply to taxpayers with income below $114,000” reads to me as though individuals who have an AGI less than $114,000 can contribute more than the limit?

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