I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

The more I contributed to the IRA the greater the % tax deduction. Same results if I tried a SEP IRA.

posted

It's based on your self-employment earnings, not your max AGI. So if your earnings from self-employment are not enough to support the deduction then you can't take the full amount.

@beth37

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I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

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I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

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I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

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