Trying to amend 2021 wrong SEP amount.

[sbennett1354]

Why won't Turbo tax let me amend my 2021 SEP IRA contribution? I forgot to fund it for 2021 and I need to amend the return. I can find where the entry is but the program won't let me change the amount.  Can I do it manually on the 1040 X ?  I had a Roth IRA and had no problem changing that amount.  Thanks for your help

[LindaS5247]

Did you already make the SEP contribution, timely for 2021?

If you miss the deadline, you cannot deduct any SEP plan contributions from that year's return. You can deduct the contributions on the following year's tax return. To report your contributions, you use Form 5498.

[sbennett1354]

My problem is that I am trying to amend my 2021 return because I failed to fund the SEP.  When I try to change the Amend the amount in turbo tax it takes me to the line but won't let me change anything.  I was able to correct the Roth IRA amount but not the SEP IRA. Maybe there is no way to use Turbo Tax to amend this. Do you have any suggestions.

[LindaS5247]

If you miss the deadline, you cannot deduct any SEP plan contributions from that year's return. You can deduct the contributions on the following year's tax return. To report your contributions, you use Form 5498.

If it was made after the 2021 deadline then you can not take it on your 2021 tax return, you can deduct it in the following tax year (2022).

[sbennett1354]

Thank you for offering your help 

I have figured out how to get this amended return to work. I kept trying different ways to make turbo tax take off the amount I had entered as a deduction.  I finally just kept going through the interview questions about retirement deductions.  It took telling the program I wanted to take a SEP deduction, removing the amount, going to the end of that interview then repeat it again, this time making sure to uncheck the maximizer for the contribution. Then I could take off the Roth IRA amount.  If I removed the Roth deduction before the SEP it gave a different number because of the maximizer. It was a strange work around.... you can bet I won't forget to fund the IRA's next time.