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Self employed Simple IRA contribution was made and a matching Simple contribution was made also.

In TurboTax, I entered my self-employed simple IRA contribution of $10,000 and entered a matching simple contribution of $10,000.  Turbo tax said to enter the matching simple contribution as a "other business expense".   Is this correct to expense the $10,000 again on the  Schedule C form - line 48?

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1 Reply
dmertz
Level 15

Self employed Simple IRA contribution was made and a matching Simple contribution was made also.

Only the employer matching contributions for non-owner employees are to be entered as a business expense on Schedule C.  The employer contribution for you as self-employed is to be entered only in the self-employed retirement section and appears as a deduction on Schedule 1 line 16.

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