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Yes. SEP contributions are based on wages paid, not profit.
Yes. SEP contributions are based on wages paid, not profit.
So as the owner I can contribute to my SEP even if my contribution causes my company to incur a loss?
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
I'm sorry - I must have been unclear I am the owner of the S Corp
I have income but if I contribute to my SEP I will have a loss
Am I allowed to do that?
Are you doing your own tax return (1120S, 1040, whatever) using Intuit's professional tax preparation program named Pro Series?
Because this is a community of peers users, and this specific subforum is users of that specific program, for preparing client tax returns. Of course you can be using it for your own entity and personal return, but if you are not a Professional Tax Preparer, then you are asking Personal Tax guidance. And that is not what this forum is for.
And it seems the answer in this person's topic might be what you needed to find. or, you can search the Web, use the IRS resources, etc.
Yes - I am using Pro Series to do an 1120S for a client
Am I in the wrong Forum? - if so I apologize
"I am using Pro Series to do an 1120S for a client"
Then you are in the right place, and this topic has the answer.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.