Yes, assuming you have a sufficient profit on your Schedule C. Since at most, you probably only have $3,000 of Federally taxable income, you may not have a large benefit. It will not reduce Self-employment tax.
Traditional IRA: For a Traditional IRA, once you reach the year in
which you turn age 70 ½ you are no longer eligible to make a Traditional IRA
contribution.
If
you haven't made your contribution yet, you have until 4/15/19 do so.
Here's
how you report the contribution:
- Federal Taxes tab (Personal in the
Self-Employed/Home& Business version)
- Deductions and Credits
- Continue or
I'll Choose What I Work On (if they show up)
- Scroll
to Retirement and Investments
- then, Traditional and Roth IRA Contributions
