My spouse was a contractor, received a W2, did not have retirement plan, has a side business, but earns very little, contributed to SEP IRA, how can we deduct in TTAX?
My spouse was a contractor, although she received a W2, her employer did not sponsor any retirement
plan. She also has a side business, but that earns very little. She has contributed to SEP
IRA, how do we deduct that in turbo tax?
My spouse was a contractor, received a W2, did not have retirement plan, has a side business, but earns very little, contributed to SEP IRA, how can we deduct in TTAX?
Receiving a W-2 indicates that your spouse was an employee, not self-employed. If your spouse was not an employee, the issuer needs to correct the W-2 to indicate that no wages were earned and must issue a Form 1099-MISC to report the non-employee compensation.
As is stands, your spouse's SEP-IRA contribution can be based only on her net profit from the side business.
My spouse was a contractor, received a W2, did not have retirement plan, has a side business, but earns very little, contributed to SEP IRA, how can we deduct in TTAX?
Receiving a W-2 indicates that your spouse was an employee, not self-employed. If your spouse was not an employee, the issuer needs to correct the W-2 to indicate that no wages were earned and must issue a Form 1099-MISC to report the non-employee compensation.
As is stands, your spouse's SEP-IRA contribution can be based only on her net profit from the side business.
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