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Level 2
May 19, 2025
New

sep calculation in 1120S

Related products:ProConnect
  • May 19, 2025
  • 4 replies
  • 3 views

have a field that will calculate SEP contributions for employees and flow through to the form 1120S. Wages for owners and non-owner employees could be entered, then ProConnect could calculate and fill the amount on the form as it does for Schedule C filers on the individual return. 

4 replies

sjrcpa
Level 15
May 19, 2025

How hard is it to multiply eligible wages by X%?

The more I know the more I don’t know.
linda19Author
Level 2
May 19, 2025

It's not that hard. It's also not hard to have the program do some of the math for us like it does in the individual returns. 

Thanx for being such a supportive member of this community.

 

 

sjrcpa
Level 15
May 19, 2025

The SEP calculation is more complicated for a self-employed person.

The more I know the more I don’t know.
linda19Author
Level 2
May 19, 2025

I realize that. And having it done in the tax software is helpful for having a single point of truth for business returns is also easier and efficient.