Get your taxes done using TurboTax

If you have income from your business activity and you have calculated the amount of SEP contributions you are allowed you can enter that deduction as follows and you can use the steps provided by our awesome Tax Champ @DoninGA.

1. Sign into your TurboTax Account
2. Under Income & Expenses > Scroll to Other Business Situations > Self-Employed Retirement Plans > Start or Update
3. Continue to follow the screen prompts and enter your information
4. See the image below.

Deduction Limit for Contributions for Self-Employed:

If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment, which takes into account both the following deductions.

1. The deduction for the deductible part of your self-employment tax, or
2. The deduction for contributions to your own SEP-IRA. 

• See the image of the rate table below.
• For more information you can use the worksheets and information in IRS Publication 560