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posted Jun 1, 2019 8:54:26 AM

SELF EMPLOYED, WANT REDUCE SELF EMPLOYED TAX. PLACE MONEY IN ROTH IRA OR ROLLOVER IRA

BEST DEDUCTION? ROLLOVER IRA OR ROTH?

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1 Replies
Level 15
Jun 1, 2019 8:54:28 AM

In the first place a ROTH is not deductible.  And if you do a rollover it is not a deduction and make be taxable if you roll over or convert a Traditional IRA to a ROTH IRA.

Then any deductible IRA contributions will reduce your income and save you on regular income tax BUT will not reduce the self employment tax on the schedule C Net Profit.  Sorry.