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IRS Form 8880: Who Qualifies for the Retirement Saver's Credit
** I am a self-employed individual who receives insurance renewal income and therefore have to pay the self-employment tax (FICA) --> based on the Gross income from Schedule C
** I am also receiving Social Security benefits
** Married Filing Jointly, our AGI is not more than $41,000
#1 Can I open a SEP-IRA ?
#2 If yes, can I use the Retirement Saver's Credit to reduce the SE Tax mentioned above ?
Many thanks in advance for your help.
Tom
March 30, 2023
2:25 PM