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#3
02-24-2005, 08:34 AM
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 Re: SEP IRA 1040 Deduction Paul wrote: - quote - > I am a self-employed subcontractor paid by 1099 for 2004. I
Not on schedule c, but as adjustment.> opened a SEP-IRA and made a employer-contribution of $10,000 > to myself (employee). Now, I need to do tax return. Do I > report this as an expense in Schedule C under "line 14: > Employee Benefit Program" or report this as an adjustment in > 1040 under "(line 30: Self-employed SEP, SIMPLE, and > qualified plans." The impact is the self-employment tax. HOWsomeever..... be aware that the maximum contribution depends on your profit. Calculate it carefully. - quote - > Looking for advice from CPA. Many thanks.
Not a "CPA" (grin) , but answered anyway.ChEAr$, Harlan Lunsford, EA n LA Wed 23 Feb 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-24-2005, 07:56 AM
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| Re: SEP IRA 1040 Deduction "Paul" <paul_sha[at]hotmail.com> wrote: - quote - > I am a self-employed subcontractor paid by 1099 for 2004. I
Use Form 1040 line 30. And without knowing all the facts,> opened a SEP-IRA and made a employer-contribution of $10,000 > to myself (employee). Now, I need to do tax return. Do I > report this as an expense in Schedule C under "line 14: > Employee Benefit Program" or report this as an adjustment in > 1040 under "(line 30: Self-employed SEP, SIMPLE, and > qualified plans." The impact is the self-employment tax. > Looking for advice from CPA. Many thanks. there is no way to know if the $10,000 is all allowable. The allowable amount is the (net Schedule C income less one-half of the self employment tax) times 20%. -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-24-2005, 07:36 AM
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| Re: SEP IRA 1040 Deduction "Paul" <paul_sha[at]hotmail.com> wrote: - quote - > I am a self-employed subcontractor paid by 1099 for 2004. I
As a self-employed person, your SEP contributions will go on> opened a SEP-IRA and made a employer-contribution of $10,000 > to myself (employee). Now, I need to do tax return. Do I > report this as an expense in Schedule C under "line 14: > Employee Benefit Program" or report this as an adjustment in > 1040 under "(line 30: Self-employed SEP, SIMPLE, and > qualified plans." The impact is the self-employment tax. the front of Form 1040. If you make retirement plan contributions to your employees (if any), those will be reported on Schedule C. Your own contributions are not deductible for SE tax purposes. Sorry. Bryan -- Bryan Kellar, EA Oregon Tax Help, Inc. Portland, Oregon www.oregontaxhelp.com www.canadatax.org << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-24-2005, 06:58 AM
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| Re: SEP IRA 1040 Deduction "Paul" <paul_sha[at]hotmail.com> wrote: - quote - > I am a self-employed subcontractor paid by 1099 for 2004. I
Line 30. See the instructions for line 19 (not 14) of the> opened a SEP-IRA and made a employer-contribution of $10,000 > to myself (employee). Now, I need to do tax return. Do I > report this as an expense in Schedule C under "line 14: > Employee Benefit Program" or report this as an adjustment in > 1040 under "(line 30: Self-employed SEP, SIMPLE, and > qualified plans." The impact is the self-employment tax. Schedule C. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-23-2005, 04:52 AM
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| SEP IRA 1040 Deduction I am a self-employed subcontractor paid by 1099 for 2004. I opened a SEP-IRA and made a employer-contribution of $10,000 to myself (employee). Now, I need to do tax return. Do I report this as an expense in Schedule C under "line 14: Employee Benefit Program" or report this as an adjustment in 1040 under "(line 30: Self-employed SEP, SIMPLE, and qualified plans." The impact is the self-employment tax. Looking for advice from CPA. Many thanks. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1040, deduction, ira, sep |
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