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Retirement tax questions
Has the sum of your elective deferrals and employer contribution exceeded the permissible deductible amount calculated on the Keogh, SEP and SIMPLE Contribution Worksheet. Only the deductible amount transfers to Schedule 1 line 28 with any excess being subject to penalty on Form 5330 (not supported by TurboTax) unless corrected.
Is your taxable income already zero before adding the employer contribution? The self-employed retirement contribution cannot reduce your income taxes below zero. It cannot reduce self-employment taxes or any other Other taxes on Schedule 4.
Is your taxable income already zero before adding the employer contribution? The self-employed retirement contribution cannot reduce your income taxes below zero. It cannot reduce self-employment taxes or any other Other taxes on Schedule 4.
‎June 3, 2019
12:35 PM