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Deductions & credits
As I understand it you have two plans. You have a 401-K that you have with your employer, and you have a SEP from when you were self-employed. If I have that correctly, This is how to handle it.
- The contributions to the 401-K are going to be reflected on your W-2 and should not be posted anywhere else. If you look at your W-2, BOX 1 will be less than BOX 3 by atleast the amount of your 401-K contribution. BOX 1 is your income and BOX 3 is what you earned.
- For your SEP you can make a contribution of up to 25% of your Net profit from Self-Employment.
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‎February 12, 2020
2:24 PM