If you have a net loss from your self-employed income, you would not be eligible to contribute. The IRS rules state that you are allowed to contribute a maximum of 25% of your profit from net earnings from self-employment income.
The allowable deduction is based on your self-employment tax. If you have a net loss there would be no self-employment tax and therefore no basis to calculate your deduction.
For more information please see the link below.
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[Edited 2.12.19, 2:41pm EST]
