Did I contribute too much to SEP IRA in 2020?
For my multi member llc, Turbotax business 2019 calculated my SEP contribution to be about 4,000 on K1. When I do my personal tax on Turbotax home & business, it asked me if I want to maximum the contribution. I choose “yes” and the SEP contribution became about 6,000 based 20% self employeed business owner. So my business contributed the 6,000 to my SEP IRA in 2020 instead of 4000 on K1. The difference is about 2,000. Did I do it right or did I contribute too much? I can’t seen to find a way to properly report the extra 2000 in the business tax return. Thanks!
Submitted by zhaoyi luo on Sun, 2021-03-14 17:37