Can you open SEP IRA if you are filling married Jo...
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Returning Member

Can you open SEP IRA if you are filling married Jointly?

My spouse has 1099 MISC income. Our AGI is 200K+. Can she still open a SEP IRA and get deduction for 2019? IF so, where do i enter that info in TT Premier? 

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Level 15

Can you open SEP IRA if you are filling married Jointly?

type SEP into the search box. 

highlight the worksheet

then click form on open form f

user SEP in column for spouse check maximum. )4d)

 

 

the sep is not based on AGI but her net self-employment income (20% after reduction for 1/2 SE tax) with a max of $56,000 

you have until 7/15/2020 to establish the plan and make the contribution. 

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