ssjdtm452
New Member

How do I report my SEP IRA contribution?

 
GiseleD
Expert Alumni

Retirement tax questions

You only need to enter SEP IRA contributions made through self-employment work. If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return. (While you could contribute more to an employer-sponsored SEP IRA, TurboTax doesn’t support these contributions.)

 

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:

  1. In your return, type SEP IRA contributions (use the whole phrase) in the Search box.
  2. Select the Jump to link at the top of the search results.
  3. 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.
  4. TurboTax will ask you about whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP and SIMPLE Contributions.
  5. On the Your Contributions screen, you’ll be able to input your SEP IRA contributions.

The original help article can be found here

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PURKAYASTHA
Returning Member

Retirement tax questions

Thanks for the info - it helps me. Now I will try to use the Turbo tax return to determine IRA deduction and reporting. Tx

Ari Purkayastha