For an IRA contribution. If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes. See IRS publication 590 <a rel="nofollow" target="_blank" href="
http://www.irs.gov/pub/irs-pdf/p590a.pdf">http://www.irs.gov/pub/irs-pdf/p590a.pdf</a>
So check 1040 line 27. You have to deduct that amount from your Schedule C Net Profit. That will give you the allowed contribution for the 1099Misc income.
So on a Net Profit of 8,801 you can contribute up to $8,179
