You do qualify. Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) states:
Self-employment income.
If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of:
The deduction for contributions made on your behalf to retirement plans, and
The deduction allowed for the deductible part of your self-employment taxes.
Compensation includes earnings from self-employment even if they aren’t subject to self-employment tax because of your religious beliefs.
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