1099Misc is self employment income and you fill out schedule C for it. You pay about 15.3% self employment tax on the Net Profit on sch C.
For an IRA contribution. If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes. See IRS publication 590
http://www.irs.gov/pub/irs-pdf/p590a.pdfSo check 1040 Schedule 1 line 27. You have to deduct that amount from your Schedule C Net Profit. That will give you the allowed contribution for the 1099Misc income.
