topic IRA Deduction in Deductions & credits

IRA Deduction

brownj — Mon, 09 Mar 2026 11:27:15 GMT

I am self-employed. Where would it be best to take my IRA deduction on schedule C or personal deductions?

Re: IRA Deduction

Bsch4477 — Sat, 09 Apr 2022 01:43:55 GMT

Depending on your income you might do better with a SEP IRA. You can try it to see the effect on your tax liability. It is an adjustment to income on Sch 1.

Re: IRA Deduction

MaryK4 — Sat, 09 Apr 2022 01:44:44 GMT

The biggest advantage to a SEP IRA is higher contribution limits. Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of:

25% of the employee's compensation, or
$61,000 for 2022 ($58,000 for 2021 and $57,000 for 2020)