Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Robin (32) is the sole proprietor of a sushi restaurant. In 2022, she made SEP-IRA contributions on behalf of herself and three employees. Her contributions
Robin (32) is the sole proprietor of a sushi restaurant. In 2022, she made SEP-IRA contributions on behalf of herself and three employees. Her contributions were made in the following amounts: $6,000 in employer contributions for her employees. $3,500 in employer contributions to her own SEP IRA. How much will Robin deduct on Schedule 1 (Form 1040), line 16 (Self-employed SEP, SIMPLE, and qualified plans)? $0 $3,500 $6,000 $9,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started