SEP IRA deduction

nick.saldhana · Joined: 15 Oct 2007 Posts: 2

IRS Federal taxes
****************************
I am a Self employed person. I have a SEP IRA.

Normally I state the amount of the SEP IRA amount contributed for the
year on the first page of IRS tax form 1040. ( so it is a deduction
just like my self emp health ins payments ).

Somebody just told me that I can deduct the amount of my SEP IRA
contributions in my Schedule C too since it is a business expense. Is
this true ?

Pls let me know.

Thanks,

Nick

Archived from group: us>taxes

Jay Scherrer · Joined: 04 Feb 2008 Posts: 3

Nick,
Be careful. The simple sep line 28 on page one of the 1040 is for self
employed persons not their employees. Yes, you can enter this as an
employee benefit with in your business schedule C. But, not both areas.
The schedule C entry is usually for benefits that you offer to your
employees. Although, you may also be included within this expense. Then
any additional contributions specific only to you the "self-employed"
would go on line 28 of page one of the 1040. Keep them separate. No
double dipping!

Jay Scherrer

nick.saldhana@gmail.com wrote:
> IRS Federal taxes
> ****************************
> I am a Self employed person. I have a SEP IRA.
>
> Normally I state the amount of the SEP IRA amount contributed for the
> year on the first page of IRS tax form 1040. ( so it is a deduction
> just like my self emp health ins payments ).
>
> Somebody just told me that I can deduct the amount of my SEP IRA
> contributions in my Schedule C too since it is a business expense. Is
> this true ?
>
> Pls let me know.
>
> Thanks,
>
> Nick
>

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