Can self-employed person structured as S-Corp deduct a SEP IRA contribution from NJ Income before it passes through?
Hi,
NJ does not allow deductions for contributions made to any plan except for 401(k) plans. So a self-employed Sole proprietor cannot deduct SEP IRA contributions.
My question: What if the individual is structured as an S-Corp? Can the S-Corp deduct the SEP IRA contribution before passing through the income to the shareholder owner, thereby making it deductible from NJ as well as Federal?
Thank you!
Dave
Submitted by David Briegs on Mon, 2023-12-04 22:37