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Foxy-Lady
Level 4
March 11, 2025
Question

SEP AND IRA CONTRIBUTION

  • March 11, 2025
  • 3 replies
  • 16 views

Have self-employed (Sch C) Net after social sec deduction $144,881. Also in W-2 and 1099R in the amount of $35,000,   Spouse income via 1099R and W2 amount $38,000.  

What is the maximum that can be contributed to a SEP and individual IRA

 

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3 replies

IRonMaN
IRonMaN
Level 15
March 11, 2025

If you don't want to do the research, if you try entering some numbers into the software you can find that out.

Slava Ukraini!
    abctax55
    abctax55
    Level 15
    March 11, 2025

    I would think even PS Basic does that math for you.

    HumanKind... Be Both
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      March 11, 2025

      The SEP IRA contribution worksheet has a checkbox to figure the max SEP for you.

      Then you go to the IRA contribution worksheet and put in the max (depending on their age), scroll down and see if any of it is disallowed.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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