I have an existing SEP and know I can contribute up to 25% of business income to the SEP. So why does TurboTax recognize a lesser amount?

posted

Please see the page 22 of the attached IRS publication for a manual worksheet for your 25% SEP contribution.

Also, please note the Rate Table for Self - Employed on page 23. Column A lists the percentage.

If you follow that down to 25% and then over to Column B (Your Rate show as a decimal) it is .20 (20%.)

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Do you have an Intuit account?