Guest Shelton Posted April 12, 2002 Posted April 12, 2002 Individual received W-2 wages of $5,000. Individual is also a sole-proprietor. His tax filing shows self –employment loss. Can he still make an IRA contribution even tough his tax return shows a loss?
papogi Posted April 12, 2002 Posted April 12, 2002 Yes. Self-employment net losses should not be subtracted from salaries/wages when determining total compensation. This individual may contribute to his/her IRA.
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