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Retirement tax questions
You are asking from TT Self-Employment. Keep in mind that your IRA contribution is limited to your SE compensation (as defined below), not your gross income. Per the IRS:
Self-employment income.
If you are self-employed (a sole proprietor or a partner), compensation is the net earnings from your trade or business (provided your personal services are a material income-producing factor) reduced by the total of:
The deduction for contributions made on your behalf to retirement plans, and
The deduction allowed for the deductible part of your self-employment taxes.
‎April 6, 2021
8:38 AM