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Get your taxes done using TurboTax
Yes, the adjustments to income, which include your Sep contribution, reduce income reported on Line 9 on the 1040. As a result your Adjusted Gross Income reported on line 11 is your income minus the adjustments in line 10. As a result, Line 11 is now your adjusted gross income.(AGI). The Sep contribution has been successfully subtracted from your Gross income.
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March 29, 2023
2:13 PM