I didn't have a number in box 14, Should the same amount from box 1 be in box 14? also when I put in the max contribution to the SEP IRA field on the adjustments to income where would I see the deduction on the 1040?

sjrcpa

Level 15

Agree with Bill about self-employment income.

For a partnership, the SEP needs to be set up at the partnership level. SEP contributions are based on the earned income of the partners. The SEP contribution goes on Line 13R of the K-1 and would end up as an adjustment to income on the 1040, just like it would for a Sch C person.

The more I know the more I don’t know.

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