LLC property

Forum|Forum|3 years ago
April 12, 2023
1 reply
14 views

How do I take advantage of a SEP deduction for investment property income earned under an LLC?

MaryK4

Level 15

If you are filing a Schedule C, you can enter your SEP information and TurboTax will calculate and recommend your maximum contributions based on income.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

raypol11Author

Level 2

Hi MaryK4,

Unfortunately, I am filing my income thru a partnership LLC receiving a K1 for my personal returns.

ThomasM125

Level 15

Income reported on a schedule K-1 for investment property is probably not considered self-employment income and as such it is not earned income so you can't qualify for a SEP contribution for it. The income would have to be listed in box 14 on a schedule K-1 from a partnership Form 1065 to be considered self-employment income.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"