Before you enter your SEP IRA contributions, first make sure you've entered self-employment income. This allows TurboTax 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 haven't entered any self-employed income.
- TurboTax will ask you whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP, and SIMPLE contributions.
- Continue answering the interview questions until you get to the Your Contributions screen, where you'll be able to input your SEP IRA contributions. You can also check the Maximize box and TurboTax will calculate the maximum you can contribute to your SEP IRA based on your net self-employment income.
The amount of SEP IRA contribution is carried over to Line 16 of Schedule 1 of Form 1040.
You don't manually enter it on Line 16 of Schedule 1.
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