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?
You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
melrex
New Member
pinkelephants
New Member
Dtchgirl
New Member
cmanahan5star
Level 1
hozung
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.