@Anonymous wrote:
Thank you!
The allowable part of self-employed income would be the 1040 schedule 1 line 3 minus line 14.
Schedule 1 line 3 - Business Income - is over $40K
Line 14 - Deductible part of self-employment tax -- is over $3K
I would suggest printing all forms and worksheets and view the IRA Deduction Worksheet if a Traditional IRA abs see what is on line 2 & 3 and they are in the column for you.
Or if a Roth IRA then look at the "Roth IRA Contribution Limit Worksheet" lines 5,6, 7 & 8. To see if limited.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
