For 2018, the maximum SEP-IRA contribution cannot exceed the lessor of 25% of total compensation or $55,000. Please make sure you enter your contributions in the correct place in the program for self-employed retirement plans.
To do this, please follow these steps:
- Click on Federal Taxes > Wages & Income
-
In the Business
Items section, click the Start/Revisit box next to Business Deductions & Credits.
- On the Business Deductions & Credits screen, click the Start/Update box next to Self-Employed Retirement
Plans screen.
- On the screen asking about Individual and Roth
401(k) Plans screen, click No.
- On the screen, Keogh, SEP and
SIMPLE Contributions, click the Yes box.
- On the screen [Your name]'s
contributions, if you want to calculate the maximum contribution, leave the SEP box blank, mark the Maximize box
and click Continue. [If you know the amount you want to contribute, enter that in the box.]
- On the Retirement Contributions
screen, the maximum allowable contribution will show. You can
click on the Review Contributions box to go back and enter the
amount of actual contribution.
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