SEP contribution

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  • JG EA
    replied
    Originally posted by Bucky
    Taxpayer wants to max SEP. Has two Sch C's of which one is passive and has loss. The other Sch C has profit of $185000. My program is netting the two C's for max SEP contribution. I think he should get just based on the non-passive C. Any thought would be appreciated.

    Bucky
    Wouldn't his max be $37,000 anyway? Is the amount lower than that? But it would have to be netted because it is according to SE income minuse 1/2 of SE tax. If the amount is lower than that that means the available funds to determine an SEP are lower.

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    • Bucky
      started a topic SEP contribution

      SEP contribution

      Taxpayer wants to max SEP. Has two Sch C's of which one is passive and has loss. The other Sch C has profit of $185000. My program is netting the two C's for max SEP contribution. I think he should get just based on the non-passive C. Any thought would be appreciated.

      Bucky
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