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wbret
New Member

My only income this year is going to be $18,000 in social security with about $18,000 in capital losses. Do I need a sep this year and what turbotax do I select?

 
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Coleen3
Intuit Alumni

My only income this year is going to be $18,000 in social security with about $18,000 in capital losses. Do I need a sep this year and what turbotax do I select?

Since you have no earned income, you don't need the SEP, nor can you contribute. If the only income is the SS, then you don't even have to file. The $18,000 of capital loss will be lowered to the maximum of $3,000 per year. There is really no need to file except to record your cap loss for future years.

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Coleen3
Intuit Alumni

My only income this year is going to be $18,000 in social security with about $18,000 in capital losses. Do I need a sep this year and what turbotax do I select?

Since you have no earned income, you don't need the SEP, nor can you contribute. If the only income is the SS, then you don't even have to file. The $18,000 of capital loss will be lowered to the maximum of $3,000 per year. There is really no need to file except to record your cap loss for future years.

View solution in original post

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