topic Re: SEP in Retirement tax questions

SEP

MRIVER77 — Sat, 11 Jul 2020 18:35:41 GMT

I answered no to the question of contributing to a SEP but on my return under Additional income and Adjustments to income line line 15 it is adding in 2952.00. does this mean I must open a SEP. I have gone back many times and the program tells me that I should answer yes to change my orig answer. what should it do

Re: SEP

SusanY1 — Sat, 11 Jul 2020 19:23:38 GMT

If you are seeing it on Schedule 1, Line 15 go back and say yes you want to contribute to a SEP, then uncheck any box "calculate maximum contribution" and make sure there is no entry in the contribution box.

Re: SEP

dmertz — Sun, 12 Jul 2020 01:26:01 GMT

To remove any self-employed retirement contributions you previously indicated, you can also simply delete the Keogh, SEP and SIMPLE Contribution Worksheet.