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beth37
April 10, 2025
Question

I'm self employed and made a contribution to a simple IRA but did not get the full tax deduction even though my Max AGI and contribution amount is under the limit.Why?

  • April 10, 2025
  • 1 reply
  • 0 views
The more I contributed to the IRA the greater the % tax deduction. Same results if I tried a SEP IRA.

1 reply

R
RobertB4444
April 14, 2025

It's based on your self-employment earnings, not your max AGI.  So if your earnings from self-employment are not enough to support the deduction then you can't take the full amount.

 

@beth37 

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