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SEP and partnership money


Marie

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Husband and wife are partners in a business.  Wife gets guaranteed payments and both are 50/50 in profit.  Husband also runs another business separate from the partnership.

We want to set up a SEP.  Husband's separate business is eligible (and he has no employees)  What about the profit from the partnership?  The partnership does have employees.  Can I use ptshp income for SEP? or only the profit from the separate business? 

ATX SEP worksheet puts the partnership income into the calculation by default

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