SEP Contribution

Forum|Forum|2 years ago
March 14, 2024
3 replies
18 views

I am having some issues generating a max SEP calculation on the 1040. Taxpayer wants to contribute max SEP for 2023 on the S Corp return. I clicked the "compute max SEP contribution" button and nothing is appearing. Please advise.

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IRonMaN

Level 15

That would be done at the Corp level, not his 1040

Slava Ukraini!

J

Joel VAuthor

Level 3

Yes I clicked it in the S Corp return and nothing computed.

Just-Lisa-Now-

Intuit Community Champion

You said on the 1040.

Does the 1120S return even have a button for this?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

Maximum SEP is 25% of W-2 wages.

If I remember correctly, deduction is on 1120-S and nothing is mentioned on the 1040.

Accountant-Man

Level 13

Does he have any wages for himself on the S corp? Any employees' wages?

** I'm still a champion... of the world! Even without The Lounge.

J

Joel VAuthor

Level 3

Yes, he does have wages. Is there something I have to check so that it links the max contribution to his wages?

sjrcpa

Level 15

The deduction is claimed on the S Corp 1120S.

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

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