I am having some issues generating a max SEP calculation on the 1040. Taxpayer wants to contribute max SEP for 2023 on the S Corp return. I clicked the "compute max SEP contribution" button and nothing is appearing. Please advise.
That would be done at the Corp level, not his 1040
Yes I clicked it in the S Corp return and nothing computed.
You said on the 1040.
Does the 1120S return even have a button for this?
Maximum SEP is 25% of W-2 wages.
If I remember correctly, deduction is on 1120-S and nothing is mentioned on the 1040.
Does he have any wages for himself on the S corp? Any employees' wages?
Yes, he does have wages. Is there something I have to check so that it links the max contribution to his wages?
The deduction is claimed on the S Corp 1120S.
