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We show that a Toeplitz operator on the space of real analytic functions on the real line is left invertible if and only if it is an injective Fredholm operator, it is right invertible if and only if it is a surjective Fredholm operator. The characterizations are given in terms of the winding number of the symbol of the operator. Our results imply that the range of a Toeplitz operator (and also its adjoint) is complemented if and only if it is of finite codimension. Similarly, the kernel of a Toeplitz operator (and also its adjoint) is complemented if and only if it is of finite dimension.

One-Sided Invertibility of Toeplitz Operators on the Space of Real Analytic Functions on the Real Line