dmertz
Level 15

Retirement tax questions

Do not enter any part of your Roth IRA contribution under Business--> Less Common Business Situations --> Self-Employed Retirement.  It is not a SEP contribution or a Roth 401(k) contribution.  Your (personal, not business) Roth IRA contribution must be entered under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.

Your maximum SEP contribution can only be calculated based your $1,188 of net profit from self-employment, giving you a maximum SEP-IRA contribution of $221.

Make sure that you have indicated that your $1,188 of net profit from self-employment is appearing on Schedule C line 31.

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