I'm an independent contractor who worked on a 9 month contract project for a client last year, yet got paid via W2. I usually get paid by clients via 1099, so I didn't realize how this change would affect my taxes, until now. Since box 13 "statutory employee" is not checked on the W2 issued by my client (and they will not issue me one with that box checked), per IRS rules my W2 income doesn't count as self-employment income.
Is there any way I can adjust my self-employment income to include my W2 income? I would like to take advantage of the QBI deduction. But most importantly, this would allow me to allocate money into my SEP IRA. Without my W2 income, I won't be able to deduct any contributions to my SEP IRA :(
What gave me hope was this "Income Adjustments for Self-Employed Retirement Plans" section within TurboTax: "If you don't agree with TurboTax's calculated net self-employment income, enter an adjustment to income for your calculation. For example, we don't include S corporation pass-through income as self-employment income for calculating allowable Keogh or SEP contributions. If you believe otherwise, adjust your self-employment income number."
Can I use this section to adjust my self-employment income to include my W2 income, so I can deduct enough money for my SEP IRA?
Thanks in advance!
