JohnB5677
Expert Alumni

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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