295854
I had low w/ both my gross & net income being less than $5,500 last year. I am now trying to determine my max amount for a Roth contribution for 2018. I think my limit would be my net profit from my contracting business. However, I think I could be wrong and it might be taxable income (line 10 on 1040) or possibly something else.
Can anyone confirm or correct me? Thank you.
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If your only compensation is from self-employment, it's net profit minus the deductible portion of self-employment taxes and any self-employed retirement deduction. In other words, Schedule 1 line 12 minus lines 27 and 28.
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