Self-employed MFJ client contributed $6,000 (net earnings $24,000) to a SEP. First time dealing with this. From what I researched it appears deductible, but I can't determine where to enter this in ProSeries Pro. Appreciate any input.
Godfather, go down to "Keogh/Sep WKS" in the list of forms on the left side. Go down to sep section. Box 4d is "check to compute maximum deductible contribution" . It looks like $6,000 is a little too much . $24,000.00 (net earnings from self employment) multiplied by approximately .1859 is approximately $4,462. approximately. If I am not correct, then someone will come along and correct what I have said.
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