SEP AND IRA CONTRIBUTION

[Foxy-Lady]

Have self-employed (Sch C) Net after social sec deduction $144,881. Also in W-2 and 1099R in the amount of $35,000,   Spouse income via 1099R and W2 amount $38,000.  

What is the maximum that can be contributed to a SEP and individual IRA

[IRonMaN]

If you don't want to do the research, if you try entering some numbers into the software you can find that out.

[abctax55]

I would think even PS Basic does that math for you.

[Just-Lisa-Now-]

The SEP IRA contribution worksheet has a checkbox to figure the max SEP for you.

Then you go to the IRA contribution worksheet and put in the max (depending on their age), scroll down and see if any of it is disallowed.