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E
eduardo
Level 3
December 6, 2019
Solved

I have a s corp with a loss, can the s corp still deduct it's SEP IRA contributions?

  • December 6, 2019
  • 7 replies
  • 32 views
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Best answer by sjrcpa

Yes. SEP contributions are based on wages paid, not profit.

7 replies

sjrcpa
sjrcpaAnswer
Level 15
December 6, 2019

Yes. SEP contributions are based on wages paid, not profit.

The more I know the more I don’t know.
    J
    Joanne2
    Level 2
    March 9, 2020

    So as the owner I can contribute to my SEP even if my contribution causes my company to incur a loss?

    qbteachmt
    qbteachmt
    Level 15
    March 9, 2020

    @Joanne2 

    You seem to be asking a personal tax question. If you are using TurboTax, you are Lost on the internet.

    The TurboTax Community can be found at this link:

    https://ttlc.intuit.com/community/discussions/discussion/03/302

     

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