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Retirement tax questions
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 what is his Net Profit on Schedule C minus Schedule 1 line 14?
March 14, 2021
2:54 PM