Thank you for the reply, but I'll admit I'm more confused now than I was previously.
I didn't enter any of this in the Personal Deductions and Credit Section - turbotax only recapped my retirement contributions when I click through this section and am finalizing my taxes in general. I only entered it in the Business Retirement section where it asked for 401k and SEP contributions.
I thought that if I clicked 'maximize my contribution' under the SEP entry, it would give me my 25% net business income (which it looks like it did successfully - 24,784). But it sounds like 'maximize my contribution' doesn't work for the 25% employer contribution and it only works for determining my employee deferral (which I entered as 20,500 - the max limit)? I thought SEPs didn't have elective deferrals, only employer contributions, but maybe I am mistaken?
And I shouldn't use the SEP entry to enter my SEP contribution? That I should just be listing this under Other Miscellaneous Expenses?
What is the SEP contribution entry box for, if not to report my business SEP contribution?
Thanks for your help - it is greatly appreciated!!!
