Yes thats correct, but the problem is that the turbo tax internal max. calculation tool is saying I can make a max. SEP contribution that is 39% of my my SEP income. Its clearly wrong and would lead to serious IRS penalties and taxes. Before TT runs the max contribution calculation it prompts me to confirm my total SEP income so that is not the problem. I suspect something is wrong with the internal turbo tax calculations which is scary. TT should have a feature where they give the filer the option to see how did the math on such calculations (sort of like seeing the IRS calculation worksheets).
