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frogonly
Returning Member

SEP IRA

I claimed SEP IRA in 2024 fed tax, but the amount was deposited into SEP Roth by mistake. What options do I have for filing 1040 X. 

  1. Amend 2024 tax by changing SEP IRA to SEP Roth. Problem: SEP IRA amount was maximumly calculated by TurboTax which will be different from SEP Roth.
  2. Remove SEP IRA claim?

 

FG

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1 Reply
RobertB4444
Employee Tax Expert

SEP IRA

Yes, you should amend your 2024 return.  A SEP Roth is not tax deductible while a SEP IRA is and the change to your tax return could be dramatic.  You should remove the SEP IRA claim from the return and then enter the actual amount that you contributed to the SEP Roth.  That will square you up to start 2025.

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