Plan contributions for a self-employed individual are deducted on Form 1040, Individual Income Tax Return, Schedule 1, and not on Schedule C. The "Jump to" link can be found using the magnifying glass in the top right-hand corner of the screen. To enter this into TurboTax, you will follow these steps:
- 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 that Self-Employed Retirement Plans are only for self-employed individuals (i.e., those filing Schedules, C, F, or K-1), you haven't entered your self-employed income yet. Once you've entered your income, you can come back to these instructions
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