Great this topic is brought up. I'm in the same situation and I will expect my sole proprietorship to generate business profit for the coming tax year. However at a second thought, if I only have income on schedule C (along with related forms e.g. 8995, 8829, 4562 in owning a business), is that considered as Earned Income, to be eligible to contribute to a traditional IRA? Normally you need to have a w2 or 1099-NEC to be eligible to contribute to a traditional IRA for tax deduction.
Thanks!
