You must have net compensation to contribute to an IRA. If self-employed that means:
- Your net income on Schedule C, after expenses
- less 1/2 of the self-employment tax
If either your 1099MISC is not on Schedule C or the Schedule C is showing a small amount/ loss after expenses, you do not have compensation to contribute to an IRA
You can see your 1040 here:
- My Account
- Tools
- View Tax Summary
- Preview 1040
- Is the number on line 12 a positive amount
