Please follow the instructions below to get back to the Business Expenses section.
1. Click on Business
2. Select I'll choose what I work on
3. Click on Update next to Profit or Loss from Business
4. Select Edit next to the business
5. Click Update next to Other Common Business Expenses
2020 taxes Schedule C line 19 - missing SEP IRA contribution according to the IRS - this is where it belongs. How to fix this? I've been trying for several days with no solution from TurboTax tax experts.
"Enter your deduction for the contributions you made for the benefit of your employees to a pension, profit-sharing, or annuity plan (including SEP, SIMPLE, and SARSEP plans described in Pub. 560). If the plan included you as a self-employed person, enter the contributions made as an employer on your behalf on Schedule 1 (Form 1040), line 15, not on Schedule C."
So the first question is, "Are you trying to enter SEP-IRA contributions for you personally (as the self-employed owner), or for employees?"
If the SEP-IRA contribution is for you, then go to the screen titled "Let's gather your business info" and look towards the bottom for Less Common Business Situations, where you can see Self-employed Retirement. This will be placed on on Schedule 1, line 15.
If you want to enter SEP-IRA contributions for employees (line 19 on Schedule C), you have to first indicate that you have employees, and then go look for Employee Pension Plan under Less Common Expenses.
**Mark the post that answers your question by clicking on "Mark as Best Answer"