A SEP IRA allows a qualified self employed person to contribute up to $55,000 but limits this based on a maximum of 25% of income. Just going by what you wrote it looks like Turbo Tax is telling you that you hit the limit at $2,744 based on your income for the business. A Traditional or ROTH IRA has a lower max limit than a SEP but doesn't have the 25% max limit either, so yes, you should be able to contribute to a Traditional assuming your total income is below the total income limits set by the IRS. Something to consider since your income was $14k if your total income is in a low tax bracket you might do the math to see if a ROTH makes sense. This would allow your contributions to grow tax free so that later when you are presumably in a higher tax bracket your ROTH would be tax free! This would make sense if you don't need the tax deferments now. Good Luck!
