dmertz
Level 15

Retirement tax questions

@Jerry77 , since you say the income appears on Schedule E, I assume that the LLC is a partnership that provides you with a Schedule K-1 (Form 1065).  The amount of income from self-employment from this partnership that will support an IRA contribution is the amount reported with code A in box 14 of this Schedule K-1, minus the sum of the deductible portion of self-employment taxes attributable to this business income and any deductible self-employed retirement contribution made from this business income.

 

I'm not sure what you mean by the income reported on Form 1099-NEC being non-business income since amounts reported on From 1099-R usually represent income from self-employment.

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