To calculate the maximum SEP contribution and to calculate the maximum traditional IRA calculation, please follow the steps below.
SEP IRA Contributions- Once your self-employment income is entered:
- Sign in to your TurboTax account
- Open your return
- Search SEP IRA contributions
- Select the Jump to link in the search results
- In the Self-Employed Retirement Plans screen, select No to the question, Did you contribute to an Individual or Roth 401(k) plan?
- If you get the message Self-Employed Retirement Plans are only for self-employed individuals (i.e., those filing Schedules, C, F, or K-1), this means that you haven't entered your self-employed income yet. Once you've entered your income, you can come back to these instructions
- In the Keogh, SEP, and SIMPLE Contributions screen, select Yes
- Answer any additional questions until you get to the Your Contributions screen, where you’ll be able to input your SEP IRA contributions
To enter contributions for your Traditional IRA, follow these steps...
To enter your 2022 IRA contributions (money you put into your IRA):
- Sign into your TurboTax acccount
- Open or continue to your return
- In the search bar, type ira contributions and select the Jump to link in the search results
- We'll take you to the Traditional IRA and Roth IRA screen, where you can start the IRA interview
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