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ndgal
New Member

Are IRA contributions deductible from self-employment taxes?

Do IRA contributions reduce  my business income so as to reduce both federal income taxes and SS/ Medicare taxes?

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Accepted Solutions
rjs
Level 15
Level 15

Are IRA contributions deductible from self-employment taxes?

No. Deductible IRA contributions reduce your AGI, but not your business income. So they reduce your income tax, but not your self-employment tax.

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1 Reply
rjs
Level 15
Level 15

Are IRA contributions deductible from self-employment taxes?

No. Deductible IRA contributions reduce your AGI, but not your business income. So they reduce your income tax, but not your self-employment tax.

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