ToolBox CS
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This tax worksheet calculates a self-employed person’s deductible contribution to a SEP.
Note: Do not use if the taxpayer maintains another defined contribution plan or has earnings from multiple sole proprietorships.
Footnotes
- Farmers receiving social security retirement or disability benefits reduce SE income by the amount of Conservation Reserve Program payments included in SE income.
- Married taxpayers residing in Community Property states disregard community property laws when determining the taxpayer’s net earnings from self-employment.
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