A SEP IRA allows a qualified self employed person to contribute up to $55,000 but limits this based on a maximum of 25% of income. Just going by what you wrote it looks like Turbo Tax is telling you that you hit the limit at $2,744 based on your income for the business. A Traditional or ROTH IRA has a lower max limit than a SEP but doesn't have the 25% max limit either, so yes, you should be able to contribute to a Traditional assuming your total income is below the total income limits set by the IRS. Something to consider since your income was $14k if your total income is in a low tax bracket you might do the math to see if a ROTH makes sense. This would allow your contributions to grow tax free so that later when you are presumably in a higher tax bracket your ROTH would be tax free! This would make sense if you don't need the tax deferments now. Good Luck!
A SEP IRA allows a qualified self employed person to contribute up to $55,000 but limits this based on a maximum of 25% of income. Just going by what you wrote it looks like Turbo Tax is telling you that you hit the limit at $2,744 based on your income for the business. A Traditional or ROTH IRA has a lower max limit than a SEP but doesn't have the 25% max limit either, so yes, you should be able to contribute to a Traditional assuming your total income is below the total income limits set by the IRS. Something to consider since your income was $14k if your total income is in a low tax bracket you might do the math to see if a ROTH makes sense. This would allow your contributions to grow tax free so that later when you are presumably in a higher tax bracket your ROTH would be tax free! This would make sense if you don't need the tax deferments now. Good Luck!
You have sufficient net profit to support contribute the maximum of $2,744 to a SEP IRA and to contribute the maximum to an IRA.
Your ability to deduct a regular traditional IRA contribution or make a Roth IRA contribution could be limited if you have a large amount of other income that would take your AGI above certain limits.