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