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Is my understanding correct: If line 27 on my 1040 is calculated at $667 then I should subtract $667 from the $10,533 figure on Schedule C to get $9866 and that is the total that we can put into an IRA?

That is correct. I had forgotten about that adjustment in my earlier reply because ... well ... ummmm ... I depend on my software a bit too much sometimes.

--Peter
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