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Level 1

Question

IRA Deduction

Forum|Forum|4 years ago
April 9, 2022
2 replies
5 views

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

Not A Product Question

Level 15

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.

Level 15

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)

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