I'm struggling with TT. I have net income from a rental property (about $2k) and I make some money as a sole proprietor but have a AGI loss of about $1700 on that income. I did make $2800 but had many startup costs to deduct.
So, question #1:does the rental income even count as business income?
question #2: I work another job and contribute to my employers 403b plan, but only $5k a year. Does this somehow disqualify me from opening a SEP?
Question #3 do I put in my Net income from the self employment or the AGI?
Question #4 no matter what combination of numbers I plug into turbotax including selecting the maximum box, I don't get a response. TT kicks me back to the main business income page without helping me with the SEP.
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You are not eligible to contribute anything to a SEP-IRA because you don't have positive income from self-employment. You have a loss on your business income and income from rental properties doesn't count.
You are not eligible to contribute anything to a SEP-IRA because you don't have positive income from self-employment. You have a loss on your business income and income from rental properties doesn't count.
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