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mt-[0.375rem] mx-auto w-full h-full lg:min-h-[40rem] left-0 right-0 "><div class="w-full h-full"><div class="grid gap-x-4 grid-cols-6 md:grid-cols-12 md:gap-x-8 justify-center md:items-center px-4 flex md:flex-row flex-col justify-center items-center lg:px-31 md:px-10 md:pt-10 pb-10 gap-10"><div class="col-span-full md:col-start-1 md:row-start-1 md:col-span-6 md:h-full md:w-full flex"><div class="relative z-10 flex flex-col"><div class=" mt-8 text-black-600 md:text-base text-sm"><span class="opacity-50 cursor-pointer">Home › </span><span class="opacity-50 cursor-pointer">Itemized Deductions › </span><span class="font-medium">Retirement Plan Contribution Deduction</span></div><div class=" mt-14 tracking-[0.08em] !leading-[120%] uppercase font-medium text-black inline-block md:text-base text-sm"></div><div class="mt-4 md:text-5xl text-3xl !leading-[120%] font-extrabold text-grey-500 pr-6"><p class="whitespace-pre-line">How can I get to know about retirement IRA contribution deduction</p></div><div class="md:w-fit w-full flex justify-start md:scale-100 scale-[.60] relative md:left-0 -left-[20%] md:mt-4 mt-1"><svg width="271" height="30" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M2 21.864c39.5-8 148.4-21 268-9" stroke="url(#BlueGradientRainBow_svg__paint0_linear_865_17403)" stroke-opacity="0.7" stroke-width="15"></path><defs><linearGradient id="BlueGradientRainBow_svg__paint0_linear_865_17403" x1="9.5" y1="63.364" x2="540.5" y2="-81.136" gradientUnits="userSpaceOnUse"><stop stop-color="#2FECEC"></stop><stop offset="1" stop-color="#4A2FEC"></stop></linearGradient></defs></svg></div></div></div><div class="col-span-full md:col-start-7 md:row-start-1 md:col-span-6 md:h-full md:w-full flex"><div class="flex flex-col w-full"><div class="w-full md:w-1/2 relative h-[20rem] md:h-full md:absolute md:right-0 md:top-0 md:bottom-0"><span 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/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FStandardDeductionBizExpenseHeader.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FStandardDeductionBizExpenseHeader.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FStandardDeductionBizExpenseHeader.jpg&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></div></div></div></div></div></div></section><section class="md:mx-auto mx-4 md:mt-28 mt-14 md:px-4 lg:px-0"><div class="lg:w-[49.13rem] md:mx-auto"></div><div class="lg:w-[49.13rem] md:mx-auto"><h1 class="md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 mb-6">Tax-deductible IRA contributions</h1> <div class="py-2 flex flex-col gap-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">Curious about using your retirement contribution to get a tax deduction? Well, you’re in the right place. <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-resources/about-self-employment">Self-employed</a> individuals can deduct their IRA (Individual Retirement Account) contributions as a tax deduction. However, only traditional IRA contributions can be deducted. And the amount that is deductible is dependent on your filing status, whether you are already part of another retirement plan that is sponsored by an employer and your Modified Adjusted Gross Income (MAGI). Key takeaways: <ul class="list-disc lg:pl-8 pl-4"> <li class="text-base font-light">IRA contributions is a valid tax deduction for self-employed individuals </li> <li class="text-base font-light">The deductible IRA amount is dependent on factors like income limits, filing status, and whether you or your spouse already contribute to a retirement plan</li> <li class="text-base font-light">Only traditional IRAs are tax-deductible</li> </ul> </div></div></div><div class=""><div id="toc" class="w-full gap-10 flex flex-col"><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 rounded-xl p-5 mt-4 border border-white-fade"><p class="md:text-xl md:!leading-8 font-semibold text-grey-500">Table of contents</p><div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">What is a traditional IRA?...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#what-is-a-traditional-ira">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">How to claim the traditional IRA contribution tax deduction...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#how-to-claim-the-traditional-ira-contribution-tax-deduction">Read more</a></span></p></div><div class="flex flex-row my-3"><div class="w-6 h-6 items-center flex justify-around"><svg width="10" height="10" fill="none" xmlns="http://www.w3.org/2000/svg" class="scale-[0.7]"><rect width="10" height="10" rx="5" fill="#000"></rect></svg></div><p class="text-grey-500 w-11/12">Are there retirement plans specifically for the self-employed? ...<span class="underline underline-offset-2 lg:cursor-pointer cursor-not-allowed"><a href="#are-there-retirement-plans-specifically-for-the-self-employed">Read more</a></span></p></div></div></div><div class="flex flex-col gap-10"><div id="what-is-a-traditional-ira" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">What is a traditional IRA?</h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Anyone can open a traditional IRA account. This type of retirement plan is tax-deductible, meaning you can claim this deduction when you file your taxes. However, there are certain rules around claiming a traditional IRA deduction. The full deduction of your IRA contribution can only be claimed if neither you nor your spouse are covered by any additional retirement scheme. The contribution limit for an IRA stands at $6,000 annually, but if you are 50 years or older, you can add another $1,000. If you or your spouse are covered by another retirement plan, things get a little more complicated. If you already have a retirement plan paid for by an employer like a 401(k), you can only deduct a certain amount that is dependent upon your <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/ira-deduction-limits">2022 filing status and income limit</a>. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:107.71028037383176%"></span><img alt="Infographic entitled 2022 Traditional IRA Deduction Limits showing the latest IRS limits for IRA deductions." title="What is a traditional IRA?" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Infographic entitled 2022 Traditional IRA Deduction Limits showing the latest IRS limits for IRA deductions." title="What is a traditional IRA?" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20285.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20285.png&w=750&q=100 750w, 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/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20285.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20285.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27390%27%20height=%27521%27/%3e"/></span><img alt="Infographic entitled 2022 Traditional IRA Deduction Limits showing the latest IRS limits for IRA deductions." title="What is a traditional IRA?" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Infographic entitled 2022 Traditional IRA Deduction Limits showing the latest IRS limits for IRA deductions." title="What is a traditional IRA?" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20286.png&w=640&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20286.png&w=828&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20286.png&w=828&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">If you are over any of the income limits, you are still allowed to make a contribution to your IRA. You just can’t claim the contribution as a tax deduction.</div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="ClusterPagesV1_QuickTipBgGradient__hIlc0 lg:mx-32 rounded-xl"><div class="flex flex-row-reverse"><svg width="66" height="12" fill="#FFF" xmlns="http://www.w3.org/2000/svg" class="mt-4 mr-3 opacity-30"><path fill-rule="evenodd" clip-rule="evenodd" d="M45.555 0h-8.54v1.789h8.54V0zM0 0h8.54V1.79H0V0zm0 6.635v-1.92h8.539v1.92H2.015V12H0V6.635zm37.016 0v-1.92h8.537v1.92h-6.522V12h-2.015V6.635zM14.788 0h-2.015v12H20.428v-1.758h-5.64V0zM49.72 0h2.015v12H49.72V0zm14.263 0v9.199L58.87 0h-2.326v12h2.015V2.827L63.694 12H66V0h-2.016zm-38.65 0l3.041 5.426L31.416 0h2.294l-4.328 7.224V12h-2.016V7.224L23.04 0h2.295z" fill="inherit"></path></svg></div><div class="flex flex-row gap-3 px-4 pb-4 items-center"><div class="w-3/12"><svg width="73" height="89" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M34.991 25.778c-9.28 0-16.862 7.582-16.862 16.862 0 4.853 2.123 9.523 5.702 12.677 2.668 2.67 2.426 8.37 2.365 8.431 0 .304.06.546.303.789.182.182.486.303.728.303h15.468c.303 0 .545-.121.727-.303.182-.182.304-.485.304-.789 0-.06-.304-5.762 2.365-8.43l.182-.183c3.518-3.215 5.58-7.764 5.58-12.495 0-9.28-7.581-16.862-16.862-16.862zm9.705 27.962c-.06.06-.182.182-.182.243-2.365 2.547-2.79 6.733-2.85 8.734H28.257c-.06-2.001-.485-6.369-3.032-8.977a14.783 14.783 0 01-5.095-11.16c0-8.189 6.611-14.8 14.8-14.8 8.188 0 14.8 6.611 14.8 14.8 0 4.306-1.82 8.37-5.035 11.16z" fill="#FFD159"></path><path d="M34.937 30.096c-.545 0-1.03.485-1.03 1.03 0 .547.485 1.032 1.03 1.032 6.127 0 11.04 4.974 11.04 11.04 0 .545.485 1.03 1.03 1.03.547 0 1.032-.485 1.032-1.03.06-7.219-5.823-13.102-13.102-13.102zM41.666 65.98H28.2a2.563 2.563 0 00-2.548 2.548 2.563 2.563 0 002.548 2.548h13.405c1.456-.06 2.608-1.153 2.608-2.548a2.563 2.563 0 00-2.547-2.547zm0 2.973H28.2a.479.479 0 01-.485-.485c0-.304.182-.486.485-.486h13.405c.242 0 .485.182.485.486 0 .303-.182.485-.425.485zM39.662 72.128H30.2a2.563 2.563 0 00-2.548 2.547 2.563 2.563 0 002.548 2.548h9.462a2.563 2.563 0 002.548-2.548 2.524 2.524 0 00-2.548-2.547zm0 2.972H30.2a.478.478 0 01-.485-.485c0-.304.182-.486.485-.486h9.462c.243 0 .486.182.486.486a.478.478 0 01-.486.485zM34.937 20.136c.607 0 1.032-.485 1.032-1.03v-7.037c0-.546-.486-1.031-1.032-1.031-.545 0-1.03.485-1.03 1.031v7.036c0 .546.485 1.031 1.03 1.031zM54.388 18.115c-.375-.477-1.008-.459-1.41-.127l-5.257 4.62c-.477.374-.533 1.05-.143 1.469.145.164.305.27.48.317a.968.968 0 00.946-.25l5.257-4.619c.462-.316.517-.992.127-1.41zM21.93 24.49a.978.978 0 00.48-.316c.39-.42.335-1.095-.083-1.485l-5.155-4.71c-.419-.39-1.095-.335-1.485.084-.39.418-.335 1.094.084 1.485l5.155 4.71c.329.288.653.327 1.004.233zM14.375 33.644l-6.78-1.637c-.532-.108-1.13.24-1.238.772a.968.968 0 00.771 1.237l6.781 1.637c.191.012.324.039.5-.008a1 1 0 00.738-.763c.108-.532-.24-1.129-.772-1.238zM63.602 32.792c-.109-.531-.706-.88-1.238-.771l-6.84 1.621c-.53.109-.88.706-.77 1.238a1 1 0 00.737.762c.176.048.367.036.5.009l6.84-1.621c.531-.109.88-.706.77-1.238z" fill="#FFD159"></path></svg></div><div class="flex flex-col gap-3"><p class="text-xl font-semibold">Quick tip</p><div class="text-sm font-light text-white-fade whitespace-pre-line">Use a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/1099-tax-calculator">self-employment income tax calculator</a> to make finding tax deductions a lot easier.</div></div></div></div></div></div><div id="how-to-claim-the-traditional-ira-contribution-tax-deduction" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">How to claim the traditional IRA contribution tax deduction</h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">Tax-deductible traditional IRA contributions should be reported on Schedule 1 (part of <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-forms/1040-form">Form 1040</a>). "Remember that this deduction is not directly related to <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/self-employment-tax-calculator">self-employment taxes</a> but does help in lowering taxable income. Having a lower taxable income can be beneficial for estimated quarterly taxes. You can use a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/quarterly-tax-calculator">estimated tax calculator</a> to check whether you will need to make this payment to the IRS. If you happened to forget or just weren’t able to make the April deadline, a <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/tax-penalty-calculator">tax penalty calculator</a> can help. </div></div></div><div id="are-there-retirement-plans-specifically-for-the-self-employed" class="relative w-full flex flex-col gap-4 md:mt-1 -mt-3"><h2 class="lg:w-[49.13rem] md:mx-auto md:text-4xl md:!leading-12 text-2xl w-full font-extrabold text-grey-500 ">Are there retirement plans specifically for the self-employed? </h2> <div class="lg:w-[49.13rem] w-full md:mx-auto my-4"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500 ">If you’re a small business owner with a few employees or a self-employed individual operating solo, you can opt for a <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep">Simplified Employee Pension</a> (SEP) plan. This plan has a high contribution limit and is a good option if you’re newly self-employed. $61,000 or 25% of your net income is the contribution limit for 2022. And because this is a traditional IRA, the contribution is tax-deductible. Another option is a <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/one-participant-401k-plans">solo 401(k)</a> plan. As the name suggests, this retirement plan is only for individuals. The contribution limit requires a little bit of calculation as you are acting as both the employer and the employee. The IRS has a <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/self-employed-individuals-calculating-your-own-retirement-plan-contribution-and-deduction">separate page</a> that shows you how to do this. In terms of claiming a tax deduction, you can deduct the portion you contribute as an employer when you file. You can also claim the account maintenance fees as a tax deduction. A <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people#:~:text=You%20can%20put%20all%20your,contribution%20or%20a%203%25%20matching">defined benefit plan</a> is a less popular option but is still useful for self-employed individuals with higher income who are looking to save large amounts for their retirement. But you will need a third-party actuary to determine your contribution limit, which may add an extra step to your process. The last plan we’ll talk about is the <a class="font-medium underline text-[#3563CD]" href="https://www.irs.gov/retirement-plans/plan-sponsor/simple-ira-plan">Savings Incentive Match Plan for Employees</a> (SIMPLE). This is another traditional IRA that is usually chosen by small business owners with less than 100 employees. You can contribute up to $15,500 (plus $3,500 if you’re 50 or older) in 2023 as an employee, with your employer contributing either 3% of your salary or a fixed 2% every year. And like a traditional IRA, both the employer and the employee can claim the tax deduction. </div></div><div class="lg:w-[49.13rem] w-full md:mx-auto rounded-xl text-center lg:mx-auto"><div class="md:hidden"><div data-rmiz-wrap="visible" style="display:block"><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:107.71028037383176%"></span><img alt="Infographic entitled Self-Employed Retirement Plans listing four common plans that have deductible IRA contributions" title="Are there retirement plans specifically for the self-employed? " src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="responsive" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Infographic entitled Self-Employed Retirement Plans listing four common plans that have deductible IRA contributions" title="Are there retirement plans specifically for the self-employed? " sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=640&q=100 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=750&q=100 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=828&q=100 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=1080&q=100 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=1200&q=100 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=1920&q=100 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=2048&q=100 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=3840&q=100 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Mobile%20287.png&w=3840&q=100" decoding="async" data-nimg="responsive" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div><div class="hidden md:block"><div data-rmiz-wrap="visible" style="display:block"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27990%27%20height=%27421%27/%3e"/></span><img alt="Infographic entitled Self-Employed Retirement Plans listing four common plans that have deductible IRA contributions" title="Are there retirement plans specifically for the self-employed? " src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="Infographic entitled Self-Employed Retirement Plans listing four common plans that have deductible IRA contributions" title="Are there retirement plans specifically for the self-employed? " srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Desktop9.png&w=1080&q=100 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Desktop9.png&w=2048&q=100 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fflyfin-website%2Fitemized-deductions%2FRetirement%20IRA%20Contributions%20Deduction%2FInfographic_Desktop9.png&w=2048&q=100" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" class="hover:opacity-70 lg:cursor-pointer cursor-not-allowed" loading="lazy"/></noscript></span></div><button aria-label="Zoom image" data-rmiz-btn-open="true"></button></div></div></div><div class="lg:w-[49.13rem] w-full md:mx-auto"><div class="md:text-xl md:!leading-8 font-normal whitespace-pre-line text-grey-500">As you can probably tell, choosing the right <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax/itemized-deductions/retirement-plan-contribution-deduction">retirement plan</a> requires a lot of planning and research. Keeping track of your contributions and correctly reporting them as tax deductions can be confusing. With <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax">FlyFin</a>, that’s no longer a problem. Just link your expenses, and A.I. will easily find every relevant tax deduction you can claim as a self-employed individual. Looking for professional advice? A team of CPAs who are experts in 1099 taxes are available 24/7 on the app to answer any questions and prepare and file your tax returns for you if need it.</div></div></div></div></div></div></section><section><div class="lg:w-[49.13rem] w-full md:mx-auto px-4 lg:px-0 md:text-xl font-normal whitespace-pre-line text-grey-500 mb-4"></div></section><section></section><section><div class="relative pb-12 pt-20 px-4 lg:px-31 mx-auto cluster_swiper-container"><div class="rounded-b-lg flex flex-wrap text-white"><div class="swiper mySwiper"><div class="swiper-wrapper"><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="2"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Tax Write-Offs</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understand what makes a business expense tax-deductible, so you can write it off your taxes and lower your tax payment.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/what-is-a-tax-deduction">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="3"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Standard deduction and business expense</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Even if you decide to take the standard deduction, you can still itemize your 1099 business expenses and deduct them from your taxable income.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/standard-deduction-and-business-expense">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Child Tax Credit</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understanding the Child Tax Credit to help offset the costs of raising a child. Parents are eligible to receive a Child Tax Credit for each qualifying child.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/child-tax-credit">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Education Tax Credit</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">the IRS offers students and their parents tax benefits like the American Opportunity Credit to ease the burden of several expenses specific to college students.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/education-tax-credit">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="2"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Tax Write-Offs</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understand what makes a business expense tax-deductible, so you can write it off your taxes and lower your tax payment.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/what-is-a-tax-deduction">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed" data-swiper-slide-index="3"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Standard deduction and business expense</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Even if you decide to take the standard deduction, you can still itemize your 1099 business expenses and deduct them from your taxable income.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/standard-deduction-and-business-expense">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="0"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Child Tax Credit</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">Understanding the Child Tax Credit to help offset the costs of raising a child. Parents are eligible to receive a Child Tax Credit for each qualifying child.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/child-tax-credit">LEARN MORE →</a></div></div></div><div class="swiper-slide mb-7 md:cursor-pointer cursor-not-allowed swiper-slide-duplicate" data-swiper-slide-index="1"><div class="w-full h-full bg-white-light rounded-xl flex flex-col justify-between border border-white-fade overflow-hidden cursor-default"><div class="p-6 pt-10 pb-0"><p class="text-black font-semibold md:text-2xl">Education Tax Credit</p><p class="text-black-dark font-normal md:text-base text-sm mt-2 line-clamp-3 !leading-[180%]">the IRS offers students and their parents tax benefits like the American Opportunity Credit to ease the burden of several expenses specific to college students.</p></div><div class="pb-6"><hr class="h-px w-full text-[#F1F1F1] mb-6"/><a class="text-grey-500 tracking-[1px] font-semibold p-6 pt-0" href="https://flyfin.tax/itemized-deductions/education-tax-credit">LEARN MORE →</a></div></div></div></div><div class="swiper-button-prev"></div><div class="swiper-button-next"></div><div class="swiper-pagination"></div></div></div></div></section><div class="w-full flex flex-col bg-transparent px-4 lg:px-[120px] pt-12 pb-8 md:py-8"></div><section class="bg-[#FAF9FF] w-full"><div class="2xl:w-[70%] xl:w-[90%] mx-auto grid lg:grid-cols-2 grid-cols-1 gap-4 px-5 xl:gap-20 xl:px-24 pt-8 items-center pb-10 md:mt-20 mt-10"><div class="w-full"><h2 class="md:text-3xl text-2xl text-black font-semibold">What’s FlyFin?</h2><div class="md:text-xl text-base text-[#212121] font-normal lg:whitespace-pre-line md:whitespace-normal whitespace-pre-line mt-4">FlyFin's A.I.-enabled automatic deduction tracker finds all qualifying deductions using your bank statements and can quickly pinpoint dental expenses. It deals with the tax needs of gig workers, freelancers, independent contractors and sole proprietors. But anyone can file taxes through <a class="font-medium underline text-[#3563CD]" href="https://flyfin.tax">FlyFin</a>! FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed. </div><div class="grid md:grid-cols-3 grid-cols-1 gap-3 md:my-16 my-8"><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/PriceCalculator.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FPriceCalculator.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">Expert tax CPAs ensure 100%-accurate tax filing</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/AiBrain.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FAiBrain.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">A.I. finds every tax deduction, eliminating 95% of your work</p></div><div class="flex flex-col justify-start md:items-start items-center gap-4 "> <span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2740%27%20height=%2740%27/%3e"/></span><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="https://dem95u0op6keg.cloudfront.net/image/MoneySack.webp" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FMoneySack.webp&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span><p class="text-black-dark font-semibold md:text-left text-center ">On average users save $3,700</p></div></div><button class="downloadAppBtn bg-[#0D0F0F] hover:bg-[#0d0f0fdc] text-white-light flex items-center gap-2 py-4 px-14 rounded-lg font-semibold lg:mx-0 mx-auto lg:mb-0 mb-8">Get FlyFin App</button></div><div class="relative bg-gray-100 xl:h-[37rem] lg:h-[38rem] h-[30rem] w-full -left-[0.04rem] 3xl:left-[5.5rem] 2xl:left-[5.5rem] xl:left-[5rem] "><span style="box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:absolute;top:0;left:0;bottom:0;right:0"><img alt="rightCTAImage" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain"/><noscript><img alt="rightCTAImage" sizes="100vw" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2Fimage%2FwhatsFlyfinRight.png&w=3840&q=75" decoding="async" data-nimg="fill" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain" loading="lazy"/></noscript></span></div></div></section><div class="w-full bg-black-500 flex items-center justify-center flex-col md:p-10 p-4"><div class="text-base text-grey-light mb-5 mx-5 font-bold">Was this tip useful?</div><div class="flex gap-8 text-silver"><div class="flex flex-col items-center justify-center gap-2 cursor-pointer"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2748%27%20height=%2748%27/%3e"/></span><img alt="happy-active" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="happy-active" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FHappy-Default.png&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></div><div>Yes</div></div><div class="flex flex-col items-center justify-center gap-2 cursor-pointer"><div><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%2748%27%20height=%2748%27/%3e"/></span><img alt="happy-active" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%"/><noscript><img alt="happy-active" srcSet="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FSad-Default.png&w=48&q=75 1x, /_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FSad-Default.png&w=96&q=75 2x" src="/_next/image?url=https%3A%2F%2Fdem95u0op6keg.cloudfront.net%2FSad-Default.png&w=96&q=75" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%" loading="lazy"/></noscript></span></div><div>No</div></div></div></div><div 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class="font-medium flex flex-row items-center justify-between md:cursor-pointer"><div class="flex flex-row items-center justify-start gap-[24px]"><div><h2 class="flex items-center md:text-base xl:font-semibold py-3.5 xl:py-5">More about FlyFin</h2></div></div><div class="w-4 h-6 my-auto ml-4 mr-2 items-center flex md:mr-3 md:w-6 undefined"><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line1__F4CEi bg-white"></div><div class="undefined Accordion_accordion_header_toggler__MiYN1 w-8 h-0.25 md:h-0.5 md:w-4 Accordion_line2__2Gd1M bg-white"></div></div></div><div class="ReactCollapse--collapse" style="height:0px;overflow:hidden" aria-hidden="true"><div class="ReactCollapse--content"><div class="pr-4 xl:pr-20"><div class="flex flex-col gap-5 leading-6 pb-6 text-base"><p class="font-light">FlyFin is the world’s #1 A.I. and CPA tax filing service for freelancers, self-employed, business owners, 1099 & W-2 workers. A.I. finds every tax deduction and starts to <a class="border-b" href="https://flyfin.tax/filed-taxes-before">build your tax returns</a>, saving you hours of tedious work. A dedicated CPA prepares your federal & state tax returns from start to finish and ensures your taxes return with precision. A.I. and CPAs work together to make your <a class="border-b" href="https://flyfin.tax/tax-filing">tax filing</a> 20x faster and 5x cheaper. Act now and file your IRS tax returns with FlyFin before the last day to file taxes in 2024.</p><div class="flex flex-col gap-4"><p class="font-semibold">With FlyFin:</p></div><p><span class="font-semibold xl:font-bold">A.I. eliminates 95% of your work: </span>A.I. analyzes your expenses, identifying every tax write-off automatically. This helps freelancers and self-employed individuals filing <a class="border-b" href="https://flyfin.tax/tax-forms/schedule-c">Schedule C</a> with their 1040 forms save $7,800 on average, more than in previous years.</p><p><span class="font-semibold xl:font-bold">Dedicated CPA file taxes from start to finish : </span>You're assigned an expert CPA to prepare your federal and state <a class="border-b" href="https://flyfin.tax/1099-tax-calculator">tax returns</a> for your review and e-sign. When everything is ready and reviewed, the CPA will efile the income tax federal return, and your taxes are complete for the year.</p><p><span class="font-semibold xl:font-bold">Pay quarterly taxes: </span>A.I. & CPAs help you accurately calculate your <a class="border-b" href="https://flyfin.tax/quarterly-tax-calculator">quarterly tax</a> and ensure timely payments to avoid any <a class="border-b" href="https://flyfin.tax/tax-penalty-calculator">IRS penalties.</a></p><p><span class="font-semibold xl:font-bold">Maximum tax refund guaranteed: </span>75% of tax filers miss out on taking all deductions. A.I. doesn’t forget anything and keeps track of every deduction 24/7. A dedicated CPA reviews every deduction, calculates your taxes precisely and suggests tax-saving strategies.</p><p><span class="font-semibold xl:font-bold">Federal & state taxes covered - No hidden costs: </span>Our tax team members are experts in all aspects of US & international taxes. We file federal and state tax returns for all types of <a class="border-b" href="https://flyfin.tax/business/organization">entities</a> - Sole proprietors, LLCs, S-Corps, K-1s, W-2s, etc.</p><p><span class="font-semibold xl:font-bold">Tax preparer near me: </span>Discover the convenience of virtual assistance with FlyFin, eliminating the need to search for a tax preparer. Our A.I. and <a class="border-b" href="https://flyfin.tax/ask-flyfin">expert CPAs</a> are just a click away, ready to guide you through your IRS income tax return.</p><p><span class="font-semibold xl:font-bold">Full audit insurance at no cost: </span>In case of an audit, your CPA handles the IRS. They evaluate your tax situation, prepare responses and communicate with the IRS on your behalf.</p><p><span class="font-semibold xl:font-bold">100% Money back guarantee: </span>We offer a 100% refund if you are dissatisfied with the service & don't want our CPAs to prepare your federal tax returns.</p><p>FlyFin is a more affordable alternative than traditional tax services like TurboTax and H&R Block. FlyFin powers its bank-level security using Mastercard and Plaid, making FlyFin trusted by over 25,000 financial institutions. We protect your name, email address, phone number and more through compliance with the California Consumer Privacy Act, the highest data privacy standard in the US.</p></div></div></div></div></div></div><div class="row-start-3 col-span-full border-grey-footer-bar bg-grey border-t my-8"></div><div class="row-start-4 col-span-full">Copyright © 2024 FlyFin Inc. All Rights Reserved. </div></div></div></div></div></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"itemized":"retirement-plan-contribution-deduction","dropDownHead":"Retirement IRA contributions deduction","currentItemizedPageData":{"topSectionTitle":{"head":"","boldHead":"How can I get to know about retirement IRA contribution deduction"},"headerText":"Tax-deductible IRA contributions","headerImage":"","taxFormBriefText":"Curious about using your retirement contribution to get a tax deduction? Well, you’re in the right place. \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-resources/about-self-employment\"\u003eSelf-employed\u003c/a\u003e individuals can deduct their IRA (Individual Retirement Account) contributions as a tax deduction.\n\nHowever, only traditional IRA contributions can be deducted. And the amount that is deductible is dependent on your filing status, whether you are already part of another retirement plan that is sponsored by an employer and your Modified Adjusted Gross Income (MAGI).\n\nKey takeaways:\n\u003cul class=\"list-disc lg:pl-8 pl-4\"\u003e\n \u003cli class=\"text-base font-light\"\u003eIRA contributions is a valid tax deduction for self-employed individuals \u003c/li\u003e\n \u003cli class=\"text-base font-light\"\u003eThe deductible IRA amount is dependent on factors like income limits, filing status, and whether you or your spouse already contribute to a retirement plan\u003c/li\u003e\n \u003cli class=\"text-base font-light\"\u003eOnly traditional IRAs are tax-deductible\u003c/li\u003e\n \u003c/ul\u003e\n","tableOfContents":[{"headText":"What is a traditional IRA?","contentText":"Anyone can open a traditional IRA account. This type of retirement plan is tax-deductible, meaning you can claim this deduction when you file your taxes. However, there are certain rules around claiming a traditional IRA deduction.\n\nThe full deduction of your IRA contribution can only be claimed if neither you nor your spouse are covered by any additional retirement scheme. The contribution limit for an IRA stands at $6,000 annually, but if you are 50 years or older, you can add another $1,000.\n\nIf you or your spouse are covered by another retirement plan, things get a little more complicated. If you already have a retirement plan paid for by an employer like a 401(k), you can only deduct a certain amount that is dependent upon your \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/ira-deduction-limits\"\u003e2022 filing status and income limit\u003c/a\u003e.\n","contentImage1":{"mobile":{"url":"/flyfin-website/itemized-deductions/Retirement IRA Contributions Deduction/Infographic_Mobile 285.png","width":428,"height":461},"desktop":{"url":"/flyfin-website/itemized-deductions/Retirement IRA Contributions Deduction/Infographic_Mobile 286.png","width":390,"height":521},"altText":"Infographic entitled 2022 Traditional IRA Deduction Limits showing the latest IRS limits for IRA deductions."},"quickTipText":"Use a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/1099-tax-calculator\"\u003eself-employment income tax calculator\u003c/a\u003e to make finding tax deductions a lot easier.","postImage1Text":"If you are over any of the income limits, you are still allowed to make a contribution to your IRA. You just can’t claim the contribution as a tax deduction."},{"headText":"How to claim the traditional IRA contribution tax deduction","contentText":"Tax-deductible traditional IRA contributions should be reported on Schedule 1 (part of \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-forms/1040-form\"\u003eForm 1040\u003c/a\u003e). \"Remember that this deduction is not directly related to \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/self-employment-tax-calculator\"\u003eself-employment taxes\u003c/a\u003e but does help in lowering taxable income. \n\nHaving a lower taxable income can be beneficial for estimated quarterly taxes. You can use a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/quarterly-tax-calculator\"\u003eestimated tax calculator\u003c/a\u003e to check whether you will need to make this payment to the IRS. If you happened to forget or just weren’t able to make the April deadline, a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/tax-penalty-calculator\"\u003etax penalty calculator\u003c/a\u003e can help. \n"},{"headText":"Are there retirement plans specifically for the self-employed? ","contentText":"If you’re a small business owner with a few employees or a self-employed individual operating solo, you can opt for a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep\"\u003eSimplified Employee Pension\u003c/a\u003e (SEP) plan. This plan has a high contribution limit and is a good option if you’re newly self-employed. $61,000 or 25% of your net income is the contribution limit for 2022. And because this is a traditional IRA, the contribution is tax-deductible. \n\nAnother option is a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/one-participant-401k-plans\"\u003esolo 401(k)\u003c/a\u003e plan. As the name suggests, this retirement plan is only for individuals. The contribution limit requires a little bit of calculation as you are acting as both the employer and the employee. \n\nThe IRS has a \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/self-employed-individuals-calculating-your-own-retirement-plan-contribution-and-deduction\"\u003eseparate page\u003c/a\u003e that shows you how to do this. In terms of claiming a tax deduction, you can deduct the portion you contribute as an employer when you file. You can also claim the account maintenance fees as a tax deduction. \n\nA \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people#:~:text=You%20can%20put%20all%20your,contribution%20or%20a%203%25%20matching\"\u003edefined benefit plan\u003c/a\u003e is a less popular option but is still useful for self-employed individuals with higher income who are looking to save large amounts for their retirement. But you will need a third-party actuary to determine your contribution limit, which may add an extra step to your process. \n\nThe last plan we’ll talk about is the \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://www.irs.gov/retirement-plans/plan-sponsor/simple-ira-plan\"\u003eSavings Incentive Match Plan for Employees\u003c/a\u003e (SIMPLE). This is another traditional IRA that is usually chosen by small business owners with less than 100 employees. \n\nYou can contribute up to $15,500 (plus $3,500 if you’re 50 or older) in 2023 as an employee, with your employer contributing either 3% of your salary or a fixed 2% every year. And like a traditional IRA, both the employer and the employee can claim the tax deduction. \n","contentImage1":{"mobile":{"url":"/flyfin-website/itemized-deductions/Retirement IRA Contributions Deduction/Infographic_Mobile 287.png","width":428,"height":461},"desktop":{"url":"/flyfin-website/itemized-deductions/Retirement IRA Contributions Deduction/Infographic_Desktop9.png","width":990,"height":421},"altText":"Infographic entitled Self-Employed Retirement Plans listing four common plans that have deductible IRA contributions"},"postImage1Text":"As you can probably tell, choosing the right \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax/itemized-deductions/retirement-plan-contribution-deduction\"\u003eretirement plan\u003c/a\u003e requires a lot of planning and research. Keeping track of your contributions and correctly reporting them as tax deductions can be confusing. \n\nWith \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax\"\u003eFlyFin\u003c/a\u003e, that’s no longer a problem. Just link your expenses, and A.I. will easily find every relevant tax deduction you can claim as a self-employed individual. Looking for professional advice? A team of CPAs who are experts in 1099 taxes are available 24/7 on the app to answer any questions and prepare and file your tax returns for you if need it."}],"whatsFlyFinText":"FlyFin's A.I.-enabled automatic deduction tracker finds all qualifying deductions using your bank statements and can quickly pinpoint dental expenses.\n \n It deals with the tax needs of gig workers, freelancers, independent contractors and sole proprietors. But anyone can file taxes through \u003ca class=\"font-medium underline text-[#3563CD]\" href=\"https://flyfin.tax\"\u003eFlyFin\u003c/a\u003e!\n\n FlyFin tracks all your business expenses automatically using A.I. to find every possible tax deduction.\n\n Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes.\n\n Download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and more money on your taxes than last year, guaranteed.\n ","whatsFlyFinBadgeData":[{"imageUrl":"/image/PriceCalculator.webp","label":"Expert tax CPAs ensure\n 100%-accurate tax filing"},{"imageUrl":"/image/AiBrain.webp","label":"A.I. finds every tax deduction,\n eliminating 95% of your work"},{"imageUrl":"/image/MoneySack.webp","label":"On average users\n save $3,700"}],"whatsFlyFinRightImage":{"url":"/image/whatsFlyfinRight.png","width":305,"height":615},"metas":{"title":"2023 Tax-Deductible IRA Contributions For The Self-Employed","desc":"Tax-deductible IRA contributions can lower taxable income for self-employed individuals. The deduction amount depends on income limit and filing status."}},"carouselData":[{"endPoint":"child-tax-credit","head":"Child Tax Credit","supportedText":"Understanding the Child Tax Credit to help offset the costs of raising a child. 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