The nondeductible contribution message you are seeing is a standard message that TurboTax displays saying that you are not eligible for a deductible Traditional IRA contribution.
You are correct. A SEP falls outside the IRA. If you recharacterized a Roth because you put the money into a SEP, you will have to enter the SEP contribution separately in TurboTax.
- Type self-employed retirement plans
- Select Jump to self-employed retirement plans
- Say NO to individual of Roth 401(k)
- Say YES to Keogh, SEP and SIMPLE Contributions and fill in your information. If you check Maximize, TurboTax will show you the maximum allowable contribution
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