Question

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

Forum|Forum|3 years ago
April 11, 2023
1 reply
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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?

B

Bsch4477

Employee

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

O

okanepleaseAuthor

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.