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SEP Contribution Maximum calculation for sole proprietor
I had about $5000 in self-employment income. TurboTax calculated my SEP maximum contribution to be equal to that--100% of my net self-employment income. IRS pub 560 says that should be 20% with some adjustments for Self-employment tax. This can't be correct--please explain how to fix this.
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‎April 4, 2020
2:16 PM