Schedule 1 is the IRS Schedule 1? Correct?
When you say "net profit" which line are your referring to? Tell me the line not the term.
Line 15 on the IRS schedule 1 is the "deduction for self employment tax"
Line 16 on IRS schedule 1 is the total SE plan contributions
Line 20 is the "deduction" for an IRA.
Assuming we are tracking all of the above; the answer is NO. That is not correct. I am not talking about a deductible IRA. I mentioned I cannot make a tax deductible IRA due to income. But I have the right to make a non-deductible IRA and track the basis as such. Then only paying taxes when withdrawn from the account at retirement.
It is correct that I cannot do a ROTH contribution due to income above the limit.
