You must subtract one-half of your self-employment tax from the profit sharing calculation, so it’s not $30,000 x 20%.
You can review the TurboTax calculation on the Keogh/SEP Wks.
- Tap Forms in the top right
- In Forms in My Return, select Keogh/SEP Wks
- When you are done, tap Step-by-Step in the top right to return to the interview mode
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