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Level 1

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

 
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Level 8

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

How much did you earn?  Self-Employed Health Insurance?
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Level 1

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

Earnings are $310,800. No self-employed health insurance. (Health insurance through spouse's job.)
Level 8

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

the $310,800 is on line  31 of your Schedule C?
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Level 1

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

No, in box 5 of the w2
Level 10

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

Are you an employee?
Level 10

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

OP is employee.  Answer deleted

Level 1

Why is TurboTax telling me my maximum sep ira contribution is $24,500?The IRS says it should be $55,000.I am entering the numbers from my W2, and TurboTax gives me error.

I am entering information from the w2. Box 12a says F-32,160. I get an error when I enter this.