Question
Self-Employed SIMPLE Deduction (Keogh, SEP, and SIMPLE Contribution Worksheet)
Hello,
I am a partner in an S Corp LLC, so I have a K-1 (1120S) and I also take a salary from our company. My W-2 has my SIMPLE contributions in line 12a and that amount is automatically deducted from Line 1 on my W-2.
The tax software is also allowing me to claim this amount on the Keogh, SEP, and SIMPLE Contribution Worksheet on line 5a. When then goes over to my Form 1040 Schedule 1 Line 15.
This certainly seems like deducting the same amount twice which doesn't seem right. How should I be handling this?
