No, TurboTax Online Deluxe does not support SEP IRA's.
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.
You may use the following TurboTax products to report your business income and related SEP IRA:
Note: A Simplified Employee Pension (SEP) or (SEP-IRA) provides business owners with a simplified method to contribute toward their employees' retirement as well as their own.
Contributions are made to an IRA set up for each plan participant and cannot exceed the lesser of:
- 25% of compensation paid during the year
- $57,000 for 2020 ($56,000 for 2019)
Investment, distribution, and rollover rules are the same as traditional IRAs.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
