I'm struggling with TT. I have net income from a rental property (about $2k) and I make some money as a sole proprietor but have a AGI loss of about $1700 on that income. I did make $2800 but had many startup costs to deduct.
So, question #1:does the rental income even count as business income?
question #2: I work another job and contribute to my employers 403b plan, but only $5k a year. Does this somehow disqualify me from opening a SEP?
Question #3 do I put in my Net income from the self employment or the AGI?
Question #4 no matter what combination of numbers I plug into turbotax including selecting the maximum box, I don't get a response. TT kicks me back to the main business income page without helping me with the SEP.
You are not eligible to contribute anything to a SEP-IRA because you don't have positive income from self-employment. You have a loss on your business income and income from rental properties doesn't count.
make sure your return is complete in all other respects.
then use the Maximize my SEP button or checkbox.
Yes, everything else has been entered. I owe a couple thousand and was thinking opening a SEP would be helpful.