Question
SEP Contribution
This may be an easy one but I was filing a tax return for a client who files an 1120S. In their personal return, we were unable to take a deduction for a contribution to a SEP IRA.
Two questions:
1. Were we not able to make the contribution because the taxpayer is technically employed by the S Corp and not self-employed on the personal return?
2. Would I normally take that deduction for the Qualified Plan deduction to the SEP IRA on the 1120S and not the personal return?
Thank you!
