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Deductions & credits
The total of your health insurance deduction, 401k contribution, and IRA contribution can't exceed the amount of your net profit (Line 31 of Schedule C). So in the scenario you presented, you would not be able to contribute to your IRA or you would have to contribute only 12,000 to your 401k to put the 8000 in your IRA.
‎February 12, 2025
2:24 PM