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Get your taxes done using TurboTax
Great, thank you!
I have two follow up questions:
1. When I went through TurboTax I didn’t see any option for a SEP IRA to put in my deductible contributions, in addition to my Trad IRA deductible contributions. Where do I find this?
2. If I have a SEP IRA Plan and in later years decide to employ a couple independent contractors where I file the 1099-NEC at tax time, are they considered “eligible employees” where I must open and make equal contributions to a SEP plan of their own? Or does this only apply to employees who get a W-2 from my business every year?
January 31, 2024
2:54 PM