GodFather
Level 8
‎04-04-2025 05:51 PM

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.  

0 Cheers
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PATAX
Level 15
‎04-04-2025 06:44 PM

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
Level 15
‎04-04-2025 07:15 PM

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


Slava Ukraini!
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Just-Lisa-Now-
Level 15
Level 15
‎04-04-2025 07:25 PM

Sch 1, Line 16


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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GodFather
Level 8
‎04-05-2025 05:34 AM

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.  

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GodFather
Level 8
‎04-05-2025 05:40 AM

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

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PATAX
Level 15
‎04-05-2025 09:49 AM

You're welcome.

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