Retirement tax questions

Make sure all the income is assigned to the right person.  check the Schedule C and W2s.  And the contributions are for the right person.  

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 how much is the Net Profit on Schedule C?

 

So check 1040 Schedule 1 line 15.  You have to deduct that amount from your Schedule C Net Profit.  That will give you the allowed contribution for the 1099NEC income.