ErnieS0
Expert Alumni

Retirement tax questions

@daral No. Roth IRAs and Keogh SEPs are entered in different places in TurboTax because Roth IRA contributions are not deductible, while Keogh SEPs are deductible.

 

You will have to reduce your Keogh max in TurboTax if you do not contribute the full amount.

 

TurboTax will calculate your maximum allowable contribution based on your net earnings if you check the Maximize box on the Keogh, SEP and SIMPLE Plan screen, If you contribute less, enter the amount of your actual contribution.

 

To enter your Roth contribution:

  • Type ira contributions in Search in the upper right
  • Click Jump to ira contributions
  • Check Roth IRA and continue filling out your information
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