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New Member
posted Apr 12, 2025 9:32:45 AM

TurboTax has miscalculated my sep ira deposit allowance

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1 Replies
Level 15
Apr 12, 2025 12:00:36 PM

Your assertion is likely untrue unless you have made an entry error.  In what way do you believe that TurboTax has miscalculated?

 

Be aware that the SEP contribution is not permitted to exceed 20% of net earnings.  Net earnings are net profit  minus the deductible portion of self-employment taxes.