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 · Accepted solution]

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.

[IRonMaN]

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

[Just-Lisa-Now-]

Sch 1, Line 16

[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.