698765
You'll need to sign in or create an account to connect with an expert.
For the purpose of retirement contributions, the tax code considers a sole proprietor to be both employer and employee.
Your SIMPLE IRA contribution is limited to your net earnings from self-employment. For the purposes of a SIMPLE IRA contribution, your net earnings from self-employment are the amount shown on line 4 of short Schedule SE or line 6 of long Schedule SE. In this case, that means that your net earnings for the purpose of a SIMPLE IRA contribution are limited to $8,128.
For the purpose of retirement contributions, the tax code considers a sole proprietor to be both employer and employee.
Your SIMPLE IRA contribution is limited to your net earnings from self-employment. For the purposes of a SIMPLE IRA contribution, your net earnings from self-employment are the amount shown on line 4 of short Schedule SE or line 6 of long Schedule SE. In this case, that means that your net earnings for the purpose of a SIMPLE IRA contribution are limited to $8,128.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
neutron450
Level 2
MissMLB
Level 2
JJM2590
New Member
rk38
Level 2
jefffan24ae
New Member