2 businesses

If I made $8,000 from one self-employed business & lost $9,000 in another distinct self-employed business. Can I contribute to an IRA for the profitable business? Thank you.

Retirement tax questions

That does  not sound like you had any net taxable compensation.

 

You can only contribute to an IRA if you have net taxable self-employed income as reported on the 1040 schedule 1 line 3 minus schedule 1 lines 14 plus 15 (or you also have w-2 box 1 income).

**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.**

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Retirement tax questions

Thank you!    And thank you for making it so clear 🙂

Shawn