On form 1040 for 2009, TP has: 7,000 on line 7 (wages) 2,000 on line 12 (self-employment income) 2,000 on line 29 (self-employment health ins. deduction) investment income (loss) on lines 8, 9, 13
TP and spouse are over 50.
Is it correct that TP and spouse can contribute a total of 9,000 to traditional IRAs for 2009, and that line 29 doesn't affect this limit?
========================================= MODERATOR'S COMMENT: Don't you reduce the amount by Line 27, 1/2 SE tax?