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SEP IRA contribution is not lowering my net income?
When entering my SEP contribution, I expected the "Self-employment income and expenses" total to decrease by some percent of the contribution. It doesn't seem to change at all after adding the deduction.
The deduction was added through "Wages & Income -> Other Business Situations -> Self employed Retirement plans". Once added through that section, I am seeing an overall deduction to the amount owed, just not what I expected. I did not see an option to add it with the other self-employment expenses.
Does this sound right or is there another way to add it as part of the Self-employment expenses?
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‎April 8, 2023
1:17 PM