BTW, I have no employees. Turbotax home & biz says I can open a traditional IRA for up to $2,304, which I assume is earnings minus deductible portion of self-employment tax, but just wanting confirmation that is allowable?
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Net self-employed income reduced by the deductible portion of the SE tax (1040 line 57) is compensation eligible for a IRA contribution.
See IRS Pub 590A "What Is Compensation?"
https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230355
Net self-employed income reduced by the deductible portion of the SE tax (1040 line 57) is compensation eligible for a IRA contribution.
See IRS Pub 590A "What Is Compensation?"
https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230355
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