No, taxable compensation (earned income) not taxable income. Please see the taxable compensation for the definition.
For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
Since you are self-employed your taxable compensation is your net profit (line 3 of Schedule 1) reduced by
- The deduction for contributions made on your behalf to retirement plans (line 16 of Schedule 1), and
- The deduction allowed for the deductible part of your self-employment taxes (line 15 of Schedule 1).
@maxbob
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