As a self-employed individual, if you made contributions to a retirement plan such as a SEP, SIMPLE, or Keogh plan, you may be able to claim a deduction on your tax return for those contributions.
The TaxActprogram offers the Publication 560 Worksheet for qualified self-employed individuals to calculate their maximum deductible contribution limit. At the bottom of this worksheet, you can enter the actual contributions which should not exceed your deductible contribution limit. The TaxAct program will transfer the amount to Schedule 1 (Form 1040), Line 15 (changes to your return could cause this calculation to be automatically revised and could change the amount of your deduction).
Certain individuals do not qualify to use this worksheet. See IRS Publication 560 to determine whether you qualify.
To complete the Publication 560 Worksheet in the TaxAct program, follow the steps below.
Online
Dashboard
From within your TaxAct return, click Resources.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Under My Return, click Federal Search.
Click the Business Income drop-down, then click Self-employed retirement plans.
Click Yes, then Pub. 560 Worksheet.
Complete the worksheet, then click Save & Close.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Business Income drop-down, then click Self-employed retirement plans.
Click Yes, then Pub. 560 Worksheet.
Complete the worksheet, then click Save & Close.
Desktop
From within your TaxAct return, click Federal.
Click the Business Income drop-down, then click Self-employed retirement plans.
Click Yes, then Pub. 560 Worksheet.
Complete the worksheet, then click the X to close.
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