Contribution to a SEP

GodFather

Self-employed MFJ client contributed $6,000 (net earnings $24,000) to a SEP. First time dealing with this. From what I researched it appears deductible, but I can't determine where to enter this in ProSeries Pro. Appreciate any input.

PATAX

Godfather, go down to "Keogh/Sep WKS" in the list of forms on the left side. Go down to sep section. Box 4d is "check to compute maximum deductible contribution" . It looks like $6,000 is a little too much . $24,000.00 (net earnings from self employment) multiplied by approximately .1859 is approximately $4,462. approximately. If I am not correct, then someone will come along and correct what I have said.

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IRonMaN

Yeah, go to the SEP worksheet and let the worksheet do the thinking for you.

Slava Ukraini!

Just-Lisa-Now-

Sch 1, Line 16

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

GodFather

Thanks, Iron...in this point in the season (and even outside of it) it is better when someone or something thinks for me. Appreciate you replying.

GodFather

Thank you, PATAX. Net income amounted to close to $94,620, not sure why I indicated $24,000. Much appreciated.

PATAX

You're welcome.