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Is the net income from a single member LLC (listed on Schedule C, line 31) considered qualified income to use for a simple IRA. All of my other income is non-qualified.
Turbo tax says I can't take a deduction for the IRA because the W-2 wage entry is non-qualified (which is true), but makes no reference to income earned from the single member LLC reported in schedule C. The amount reported on schedule C is $2000 and wanted to pen an IRA in the same amount.
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‎June 5, 2019
11:37 PM