How much is your Schedule C Net Profit? And self employment tax? You only need to deduct 1/2 the self employment tax. Do you have any W2 income?
The self employment tax on 5,000 is $706. 1/2 is $353. So 5,000-353= $4,647.
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 http://www.irs.gov/pub/irs-pdf/p590a.pdf
So check 1040 Schedule 1 line 15. You have to deduct that amount from your Schedule C Net Profit. That will give you the allowed contribution for self employment & 1099NEC income.
