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That would be $7,475 of self-employed income and it that was your net income then after paying the 15.3% ($1,144) SE tax and subtracting the deductible half of that $572, would leave $6,903 which is short of the $7,000 required. (Your actual net income might be less depending on your circumstances.)
The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).
See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/roth-iras
That would be $7,475 of self-employed income and it that was your net income then after paying the 15.3% ($1,144) SE tax and subtracting the deductible half of that $572, would leave $6,903 which is short of the $7,000 required. (Your actual net income might be less depending on your circumstances.)
The most you can contribute to all of your traditional and Roth IRAs is the smaller of:
For 2019, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or
your taxable compensation for the year.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).
See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355
See this IRS article for Roth contribution limits:
https://www.irs.gov/retirement-plans/roth-iras
Thanks so much! You clearly understood the issue and explained it in such a way that I am confident Turbotax had it right; I had been thinking there must be an error in the program... RW
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