When filing OH state tax through TurboTax, do I include the amount my sole proprietorship contributed to my SEP IRA in "business income?"

[treese]

Specifically, this is when evaluating the state business income deduction

[DianeW · Accepted solution]

The Ohio Business Income Deduction is not offset by the SEP-IRA adjustment on the federal return.  The amount to use, according to the Ohio Schedule IT-BUS instructions is as follows:

Line 2 – Schedule C, Profit or Loss from Business 

Enter on this line the amount on your federal 1040, line 12. If the amount entered is negative, place a “-“ in the box provided. Example: Sam has a sole proprietorship that reports a net loss of -$15,000 on federal Schedule C. Sam’s wife Suzy has a sole proprietorship that reports a net profit of $10,000 on federal Schedule C. The net Schedule C income reported on Sam and Suzy’s federal 1040, line 12 is -$5,000. Sam and Suzy must report -$5,000 on the Ohio IT BUS, line 2.  2017 Ohio Schedule IT BUS