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Retirement tax questions
With net profit from self-employment on Schedule C, you can contribute to a traditional IRA. The amount that you are eligible to contribute for 2023 is limited to net profit minus the deductible portion of self-employment taxes or $7,500, whichever is less.
Being required to take RMDs has no effect on your eligibility to contribute to an IRA.
Be aware that any deductible traditional IRA contributions you make will reduce dollar for dollar the amount of Qualified Charitable Deductions that will be excludible from income (should you ever make a QCD).
‎January 24, 2024
7:05 AM