My wife is self-employed. I am not. We want to maximize our retirement contributions. TurboTax doesn't seem to know which of these options to tell me to do. It guided me to a $19,500 max contributions to the traditional IRA. I had to search for where to enter a SEP and/or a SIMPLE. When I found it, it guided me to a 25% of my wife's income SEP contribution, and let me put whatever number I wanted for SIMPLE.
I asked the live help CPA, and he was completely lost.
Can anybody help me? I'm assuming I can't really do all three of these, but which ones can I do? In whose name(s) do I do them? And for how much?
Thanks in advance for anyone who can help!
