Howdy,
I'm working in TurboTax Home and Business. I am a full time employee, but my wife and I also own our own side business LLC.
We both have Traditional and Roth IRAs. I max out my Roth and her Traditional.
This year we added a SEP IRA for both of us to achieve more tax savings.
In TurboTax I am entering our SEP contributions in the Business portion. Whenever I enter MY contributions, the Federal Tax Due goes down as I would expect.
However, when I enter HER contributions, the Federal Tax Due goes up. I cannot figure out why. Note that I did go back and do this AFTER I input her Traditional IRA contribution under the Personal section.
Any advice would be much appreciated.
Thanks and Gig Em!
I'm working in TurboTax Home and Business. I am a full time employee, but my wife and I also own our own side business LLC.
We both have Traditional and Roth IRAs. I max out my Roth and her Traditional.
This year we added a SEP IRA for both of us to achieve more tax savings.
In TurboTax I am entering our SEP contributions in the Business portion. Whenever I enter MY contributions, the Federal Tax Due goes down as I would expect.
However, when I enter HER contributions, the Federal Tax Due goes up. I cannot figure out why. Note that I did go back and do this AFTER I input her Traditional IRA contribution under the Personal section.
Any advice would be much appreciated.
Thanks and Gig Em!