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 qualified 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. The TaxAct program will transfer the amount to Schedule 1 (Form 1040) Additional Income and Adjustments to Income, 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 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) to determine whether you qualify.
To complete the Publication 560 Worksheet in the TaxAct program:
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.