2 businesses

If I made $8,000 from one self-employed business & lost $9,000 in another distinct self-employed business. Can I contribute to an IRA for the profitable business? Thank you.

1001

1 Best answer

Alumni

Jul 5, 2021 7:17:17 PM

That does not sound like you had any net taxable compensation.

You can only contribute to an IRA if you have net taxable self-employed income as reported on the 1040 schedule 1 line 3 minus schedule 1 lines 14 plus 15 (or you also have w-2 box 1 income).

Alumni

Jul 5, 2021 7:17:17 PM

That does not sound like you had any net taxable compensation.

You can only contribute to an IRA if you have net taxable self-employed income as reported on the 1040 schedule 1 line 3 minus schedule 1 lines 14 plus 15 (or you also have w-2 box 1 income).

Level 2

Jul 8, 2021 10:31:00 AM

Thank you! And thank you for making it so clear 🙂

Shawn

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2 businesses