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pfortier
New Member

If you're self employed and make a contribution to a SEP account does it reduce both the income tax and the self employment tax?

 
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JohnW15
Intuit Alumni

If you're self employed and make a contribution to a SEP account does it reduce both the income tax and the self employment tax?

SEP contributions can only reduce income tax (via an adjustment to your income), but won't reduce your self-employment tax.

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1 Reply
JohnW15
Intuit Alumni

If you're self employed and make a contribution to a SEP account does it reduce both the income tax and the self employment tax?

SEP contributions can only reduce income tax (via an adjustment to your income), but won't reduce your self-employment tax.

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