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Business & farm
Did it calculate self employment tax? Do you have a Net Profit? Do you need earned income to contribute to an IRA? 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.
Or what are you trying to deduct? Oh, if you are married be sure Schedule C and the deduction are assigned to the same spouse.
‎January 10, 2021
11:03 AM