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Foxy-Lady
Level 4
February 14, 2025
Question

SEP Contribution

  • February 14, 2025
  • 2 replies
  • 14 views

Client does a Schedule C.  Took a salary of $22,000.  Has a taxable profit of $44,000.  How much can my client contribute to his SEP.

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
February 14, 2025

A sole proprietor doesnt get a "salary" so I hope you didnt try and take that as a deduction on Sch C.

The SEP IRA contribution worksheet will compute the Max SEP contribution for you.  Drill down on Sch 1, Part II, Line 16 and scroll down to Line 4 of the worksheet and check the Max Contribution box

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    abctax55
    abctax55
    Level 15
    February 14, 2025

    Took a salary ????

    That's not correct for a Sch C.

    Amend the payroll tax returns etc.

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