married filing jointly, 5 individual schedule C businesses, some with profits, some with losses, but each of us has an overall profit in our Schedule C totals, that is greater than the 7000 threshhold for earned income for ira contribution, including the 1/2 SE tax. Is there anything else that gets deducted to calculate earned income? Software shows for the max SEP deductible contributions allowed net earnings which are minus the 1/2 SE of 15,782 and 23,329 for us, which should be enough earned income for the ira contribution, this is all business income. We both did large mega Roth conversions from our 401Ks most of which was taxable, these are not part of this income, and are in addition too.
Any idea what could be jinxing this? thx!
