I am a sole proprietor paying into my personal IRA retirement account, is this a classified business expense?

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I am a sole proprietor paying into my personal IRA retirement account, is this a classified business expense?

Is it a traditional IRA or a SEP IRA/SIMPLE? Traditional IRAs are not qualified plans, and contributions cannot be deducted on Schedule C. However, there are options for SEP IRAs/SIMPLE plans. Please click here to learn more.

However, you may still receive the IRA deduction if the IRA is a traditional IRA. TurboTax will calculate this for you.

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I am a sole proprietor paying into my personal IRA retirement account, is this a classified business expense?

No, this is not a business expense. It does not go anywhere on Schedule C.

I am a sole proprietor paying into my personal IRA retirement account, is this a classified business expense?

Lovely, thank you! I don’t know the answer to this so I’ll call and find out. Thanks for your guidance and the resource!

I am a sole proprietor paying into my personal IRA retirement account, is this a classified business expense?

Gotcha, thank you!

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