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Deductions & credits
Thanks Kathryn. I've double checked the SEP contribution calculation and I am below the 20% max ($7,000 contribution against $36,700 business income as seen on Schedule 1 line 3). In TurboTax, line 15 on Schedule 1 shows "$0" although I have input the $7,000 contribution in the program.
Is there a glitch in TurboTax or am I misunderstanding how SEP contributions work?
March 8, 2021
2:17 PM