SEP IRA maximize?

[evanauken]

Just as a follow up,   My Net personal income does not put it past the level where you it would put it at a rate lower than the 25%.    Simply put,  Turbotax does not calculate this correctly and should be fixed as this is a bug

[DianeW777]

It's not exactly 25% of earnings as a deduction.  If you contribution rate is 25% then then the deduction rate for self-employed is 20%.

Deduction Limit for Contributions for Self-Employed:

If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment, which takes into account both the following deductions.

1. The deduction for the deductible part of your self-employment tax, or
2. The deduction for contributions to your own SEP-IRA. 

• See the image of the rate table below.
• For more information you can use the worksheets and information in IRS Publication 560 

[zyl2k]

got a similar question about the maximize SEP in TurboTax.

For my multi member llc, Turbotax business 2019 calculated my SEP contribution to be about 4,000 on K1.  When I do my personal tax on Turbotax home & business, it asked me if I want to maximum the contribution.  I choose "yes" and the SEP contribution became about 6,000.  So my business paid the 6,000 to my SEP IRA in 2020.  The difference is about 2,000.  How or where I should report the extra 2,000 in Turbotax business 2020 as the money went out in 2020?  Thanks!