software wont let me enter the $7000 ira contributions saying i do not have enough earned income, even though I have plenty of net income...what could be wrong?
What kind of income do you have? You need W2 wages or a Net Profit on Schedule C to be earned income.
Oh you said net income? Do you have schedule C for self employment income? If you have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for the ER portion of your self-employment taxes. So you have to subtract half of the SE tax from the profit.
See IRS publication 590A page 6 about self employment income (it applies to both Traditional and ROTH IRAs)
https://www.irs.gov/pub/irs-pdf/p590a.pdf
yes I have multiple businesses all schedule C's, some with losses, others with profits, net overall I show positive net income, even with the SE tax deducted...is it a glitch?
Are you married? Make sure each schedule C is for the right person. And the IRA contribution is for the same person.
yes married, everything is for the right person...there is ample net income minus 1/2 SE tax for each of us... program will not let either of us contribute to the trad ira!