Yes, assuming you have a sufficient profit on your Schedule C. Since at most, you probably only have $3,000 of Federally taxable income, you may not have a large benefit. It will not reduce Self-employment tax.
Traditional IRA: For a Traditional IRA, once you reach the year in
which you turn age 70 ½ you are no longer eligible to make a Traditional IRA
contribution.
If you haven't made your contribution yet, you have until 4/15/19 do so.
Here's how you report the contribution:
Yes, assuming you have a sufficient profit on your Schedule C. Since at most, you probably only have $3,000 of Federally taxable income, you may not have a large benefit. It will not reduce Self-employment tax.
Traditional IRA: For a Traditional IRA, once you reach the year in
which you turn age 70 ½ you are no longer eligible to make a Traditional IRA
contribution.
If you haven't made your contribution yet, you have until 4/15/19 do so.
Here's how you report the contribution:
If the deduction would result in only a small amount of tax savings on your 2018 tax return, your modified AGI would likely permit you to make a Roth IRA contribution. It would be better to forgo the small immediate tax savings and contribute to a Roth IRA instead for the opportunity of tax free growth.