2 businesses

[sdsaavedra]

If I made $8,000 from one self-employed business & lost $9,000 in another distinct self-employed business. Can I contribute to an IRA for the profitable business? Thank you.

[macuser_22 · Accepted solution]

That does  not sound like you had any net taxable compensation.

You can only contribute to an IRA if you have net taxable self-employed income as reported on the 1040 schedule 1 line 3 minus schedule 1 lines 14 plus 15 (or you also have w-2 box 1 income).

[sdsaavedra]

Thank you!    And thank you for making it so clear 🙂

Shawn