We were planning on doing a non-deductible IRA contribution for a client this year but he had a bit of an unusual tax year

He is a partner in 2 businesses:

• Business 1 he has guaranteed payments, so he has around $300k in SE income
• Business 2 had some one off ordinary deductions so he is going to have at least $300k in ordinary deductions

When he goes to file his tax return, the SE incomes are going to net out to zero or negative.  Does this mean that he can’t make an IRA contribution for 2024?