I am self-employed with 2 schedule C businesses, both with a profit. I maxed out my employee contribution to the SIMPLE IRA and need to calculate the match which will be 3% of compensation plus the additional $5000 allowed by the SECURE Act. But the match affects self employment income which affects the deductible portion of self-employment taxes and also affects the amount of the health insurance premium tax credit which then also affects the portion of the health insurance premium deducted from self-employment income. With 4 inter-related variables how am I supposed to calculate the match? Has any software been programmed to do this correctly yet?
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The best way to do this in TurboTax is to enter the match first. That will move all of the rest of the numbers. Then enter your contribution. They may not line up exactly but it will allow you to do it in TurboTax.
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