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yadiralopez
Level 1
May 12, 2020
Question

Okay Proconnect Community. I'm entering and modifying revenue on SchC, and when doing so my IRA contributions gets modified on schedule 1? What am i doing wrong

  • May 12, 2020
  • 2 replies
  • 20 views
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2 replies

itonewbie
itonewbie
Level 15
May 12, 2020

Because you've entered 1 to maximize the contribution and PTO adjusts this amount as the limitation changes.

https://proconnect.intuit.com/community/help-articles/help/sep-simple-qualified-plans/00/3488

---------------------------------------------------------------------------------Still an AllStar
    T
    TaxGuyBill
    Level 15
    May 12, 2020

    If you actually mean IRA (rather than a self employed employer plan), does the taxpayer have an employer retirement contribution (either self employed or another employer)?  If so, the IRA deduction may change if the income is in the phase-out range.

    https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

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