My wife has her own realtor business (sole proprietor). Our filing status is married filing jointly... My wife doesn't have any 401k plans, but I do through my employer. Everything I've read so far shows that my wife can contribute to both a SEP-IRA and Traditional IRA, is that right?
TurboTax is calculating the max SEP-IRA limit she can contribute as the total profit of the business (minus 50% of business taxes). So basically 100% of the net profits... Everything I'm reading though on IRS websites leads me to believe it should be 25% of this net profit number, not 100%. Is this correct, should this be 25% of the net profits?
