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 TaxAct® program offers the Publication 560 Worksheet in order for certain self-employed individuals to calculate their maximum deductible contribution limit. At the bottom of this worksheet, you are able to enter the actual contributions which should not exceed your deductible contribution limit. This amount will be transferred to IRS Schedule 1 (Form 1040), Line 15.
Certain individuals do not qualify to use this worksheet. See IRS Publication 560 to determine if you qualify.
To access the Publication 560 Worksheet in the TaxAct program:
Note. Changes to your return could cause this calculation to be automatically revised and could change the amount of your deduction.
Please refer to IRS Publication 560 Retirement Plans for Small Business for additional information.