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Level 3
posted Apr 10, 2023 6:01:35 PM

How to TurboTax report contribution to regular IRA using self-employment income?

I have a small amount of income (~ $2K) on my schedule C (sole proprietor business), and my understanding is that I can contribute up to that amount to my existing traditional IRA.

 

But I can't figure out how to report this on TurboTax. Somehow I'm led to a Keogh, SEP and SIMPLE Contribution Worksheet.

 

What am I doing wrong?

0 2 279
2 Replies
Level 15
Apr 10, 2023 6:20:30 PM

You might want to consider a SEP IRA since the contribution lowers both income and self employment tax. 

Level 3
Apr 10, 2023 6:22:45 PM

Thanks, @Bsch4477. But a SEP is limited to just a small percentage of my self-employment income. Contribution to a regular IRA will enable me to wipe away ALL of the self-employment income as far as AGI goes.