MayaD
Expert Alumni

Retirement tax questions

First your need to enter your self employment income. This allows TurboTax to calculate the maximum amount you're allowed to contribute to your SEP IRA.

 

  1. Open or continue your return
  2. Navigate to the SEP IRA contributions section:
    • TurboTax Online/Mobile: Go to SEP IRA contributions.
    • TurboTax Desktop: Search for SEP IRA contributions (use this exact phrase, including the on contributions) and select the Jump to link.
  3. On the Self-Employed Retirement Plans screen, answer Yes to Did you make a 2024 self-employed retirement plan contribution?
  4. Depending on if you contributed, select Yes or 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.
  5. On the next screen, select Yes to Do you want to make a contribution to a Keogh, SEP or SIMPLE retirement plan for 2024?
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