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Pass Through income from SCorp with SEP-IRA amount to deduct
I have a situation requesting an answer, where I have income recorded from Pass Through SCorp of $240K, this brings my total income to $900K, I have contributed to SEP-IRA potentially lowering the Pass Through income by 20% of $240K but I cannot find in TurboTax where to claim that. I use to do this on Keogh, SEP and SIMPLE Contribution worksheet but there is no Pass Through income listed there to put my SEP-IRA against. I also read that if your joint income is over ~630K you do not qualify for 20% deduction and my SCorp category is consulting services. How and can I claim the SEP-IRA deduction against my Pas Through SCorp income?
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‎April 5, 2023
7:09 AM