How to report additional SEP IRA contribution in b...
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zyl2k
Returning Member

How to report additional SEP IRA contribution in business tax

Turbotax business 2019 calculated my SEP contribution to be about 4,000 on K1.  When I do my personal tax on Turbotax home & business, it asked me if I want to maximum the contribution.  I choosed "yes" and the SEP contribution became about 6,000.  So my business paid the 6,000 to my SEP IRA in 2020.  The difference is about 2,000.  How or where I should report the extra 2,000 in Turbotax business 2020 as the money went out in 2020?  Thanks!

2 Replies
gloriah5200
Employee Tax Expert

How to report additional SEP IRA contribution in business tax

If your business is an S Corporation, then the S corp gets the deduction by including the SEP contribution on Form 1120S line 17, Pension, profit-sharing, etc., plans. It's not reportable anywhere on the owner's W-2.

 

 

zyl2k
Returning Member

How to report additional SEP IRA contribution in business tax

Thank you for your reply, Gloria.  We don't have a S Corp.  We have a Multi Member LLC so its very different.

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