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#3
04-13-2004, 09:51 AM
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 Re: Sole proprietorship Schedule C - with SEP AJ Cai wrote: - quote - > I have an urgent question to ask before I send in my 2003
I'm sure you would, however the tax software did it right.> tax form. For year 2003, I have schedule C income (sole > proprietorship). I contributed to SEP-IRA for myself for > 2003 based on the SEP income. I'm filing 2003 income tax > with TaxCut Premium version. After I printed out the > Schedule C, I realized that SEP contributuin is not treated > as a business expense on schedule C. As a result, on > scheudle SE, I'm paying SE tax on the SEP contribution also. > Right now as I look at the printout, SEP appears as line > item 30 on form 1040. > Is that correct? Obviously I'd like to treat SEP > contribution as business expense if possible. Cheer$$$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-13-2004, 08:54 AM
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| Re: Sole proprietorship Schedule C - with SEP AJ Cai wrote: - quote - > After I printed out the
That's correct.> Schedule C, I realized that SEP contributuin is not treated > as a business expense on schedule C. As a result, on > scheudle SE, I'm paying SE tax on the SEP contribution also. Phoebe  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-13-2004, 08:15 AM
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| Re: Sole proprietorship Schedule C - with SEP aijuan_cai[at]yahoo.com (AJ Cai) wrote: - quote - > ... I'm paying SE tax on the SEP contribution also.
So would a lot of us, but it isn't. Look at it this way:> Right now as I look at the printout, SEP appears as line > item 30 on form 1040. > Is that correct? Obviously I'd like to treat SEP > contribution as business expense if possible. you're not any worse off than the fellow with a 401(k) who still has to pay Social Security on his 401(k) contribution. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-13-2004, 07:18 AM
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| Re: Sole proprietorship Schedule C - with SEP - quote - > I have an urgent question to ask before I send in my 2003
No, the SEP contribution is not an expense for schedule C.> tax form. For year 2003, I have schedule C income (sole > proprietorship). I contributed to SEP-IRA for myself for > 2003 based on the SEP income. I'm filing 2003 income tax > with TaxCut Premium version. After I printed out the > Schedule C, I realized that SEP contributuin is not treated > as a business expense on schedule C. As a result, on > scheudle SE, I'm paying SE tax on the SEP contribution also. > Right now as I look at the printout, SEP appears as line > item 30 on form 1040. > Is that correct? Obviously I'd like to treat SEP > contribution as business expense if possible. It is an adjustment to income and reduces AGI. Mary Ann Thomas, EA in AZ << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-12-2004, 11:31 AM
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| Sole proprietorship Schedule C - with SEP I have an urgent question to ask before I send in my 2003 tax form. For year 2003, I have schedule C income (sole proprietorship). I contributed to SEP-IRA for myself for 2003 based on the SEP income. I'm filing 2003 income tax with TaxCut Premium version. After I printed out the Schedule C, I realized that SEP contributuin is not treated as a business expense on schedule C. As a result, on scheudle SE, I'm paying SE tax on the SEP contribution also. Right now as I look at the printout, SEP appears as line item 30 on form 1040. Is that correct? Obviously I'd like to treat SEP contribution as business expense if possible. Thanks for your reponse. AJ << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| proprietorship, schedule, sep, sole |
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