This is a button that allows TurboTax to calculated the amount you can deposit based on your income.
Before you enter your SEP IRA contributions, first make sure you've entered self-employed income. This allows us to calculate the maximum amount you're allowed to contribute to your SEP IRA.
Once your self-employment income is entered:
- In your return, type SEP IRA contributions (use the whole phrase) in the Search box.
- Select the Jump to link at the top of the search results.
- This will take you to the Self-Employed Retirement Plans screen.
- If you get a message that Self-Employed Retirement Plans are only for self-employed individuals, this means that you have not entered any self-employed income.
- TurboTax will ask you about whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP and SIMPLE Contributions.
- On the Your Contributions screen, you’ll be able to input your SEP IRA contributions
