IRA Deduction

[brownj]

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

[Bsch4477]

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. 

[MaryK4]

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:

1. 25% of the employee's compensation, or
2. $61,000 for 2022 ($58,000 for 2021 and $57,000 for 2020)