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Retirement tax questions
The amount that must be subtracted as annacoryell indicated is the deductible portion of your self-employment taxes, reported on Form 1040 line 27. Assuming that you have no W-2 job where you pay Social Security and Medicare taxes, your maximum SEP-IRA contribution is 20% * ($214,857 - $10,224) = $40,927.
‎June 6, 2019
5:56 AM