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Get your taxes done using TurboTax
For the purpose of retirement contributions, the tax code considers a sole proprietor to be both employer and employee.
Your SIMPLE IRA contribution is limited to your net earnings from self-employment. For the purposes of a SIMPLE IRA contribution, your net earnings from self-employment are the amount shown on line 4 of short Schedule SE or line 6 of long Schedule SE. In this case, that means that your net earnings for the purpose of a SIMPLE IRA contribution are limited to $8,128.
‎June 6, 2019
6:07 AM