sjrcpa
Level 15
03-08-2022
10:53 AM
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Agree with Bill about self-employment income.
For a partnership, the SEP needs to be set up at the partnership level. SEP contributions are based on the earned income of the partners. The SEP contribution goes on Line 13R of the K-1 and would end up as an adjustment to income on the 1040, just like it would for a Sch C person.
Ex-AllStar