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T
The Gonz
Level 2
March 7, 2021
Question

Calculating SEP Contributions

  • March 7, 2021
  • 4 replies
  • 15 views

I have a client showing w-2 income of $70,000 and k-1 business income of $247,771. Why doesn't my ProSeries calculate the maximum SEP contribution for this return? Am I forgetting something?

This topic has been closed for replies.

4 replies

T
TaxGuyBill
March 7, 2021

What kind of K-1?

If it is from a Partnership, what is in Box 14?

 

dkh
dkh
Level 15
March 7, 2021

Isn't the SEP done thru entity that issued K1 ?

    Accountant-Man
    Accountant-Man
    Level 13
    March 7, 2021

    There is no income here eligible for a SEP.

    ** I am "Elevating with Intention!"
      qbteachmt
      qbteachmt
      Level 15
      March 7, 2021

      Okay, my turn...

      Is the W2 from being an employee for the same entity as the K-1, as shareholder-employee?

      Have we used up our 20 questions?

      More details always help.

      Don't yell at us; we're volunteers
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