RobertB4444
Employee Tax Expert

Deductions & credits

If you are married and your spouse is covered by a plan at work then your deduction is limited if your joint income is more than $204,000.  At $214,000 the deduction is zero.  

 

You would still qualify for a SEP plan if you have schedule C income.  You can contribute up to 20% of the company's net income.

 

@lmatax1 

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