Where can I enter the SEP IRA contributions?

 
PaulaM
Expert Alumni

Retirement tax questions

To enter your your SEP IRA contribution:

  • Sign into your account and select the 'take me to my return' button
  • Type 'sep accounts' in the search box, then select the 'jump to' link
  • Continue past the 401k plans to reach the SEP contribution plan
  • Enter your contribution amount and mark the maximize button (if you want to see the maximum amount allowed)
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cfstt01
New Member

Retirement tax questions

This set of instructions do not work.

 

Retirement tax questions

If you are self-employed, you can enter your retirement contributions using these steps:

  1. Click FEDERAL (Business in the Home & Business version)  > Continue > I'll choose what I work on
  2. On the screen, Let's gather your business info, scroll down to the Less Common Business Situations
  3. Click on the Start/Update box next to Self-Employed Retirement. 
  4. On the Self-Employed Retirement Plans screen, click Yes.
  5. You will first be asked if you contributed to Individual and Roth 401(k) Plans.  Click Continue if this doesn't apply.
  6. Next you will be asked about any Keogh, SEP and SIMPLE Contributions.
cfstt01
New Member

Retirement tax questions

Thank you for the detailed instructions.

 

I am using the Self employed Turbo Tax version and do not see any of these options on screen(after I get to Federal Link)

> Continue > I'll choose what I work on On the screen, Let's gather your business info, scroll down to the Less Common Business Situations

 

 

Retirement tax questions

Extremely difficult to find where to place SEP IRA Contributions.

 

When I printed the FORMS that the Turbo Tax Program generated it had NUMEROUS WORD ERRORS THE ON HEADINGS AND OTHER PLACES. 

Feel the program was made in a NON-ENGLISH SPEAKING COUNTRY

 

JUST BLOODY BAD

DontLikeButStuck
Returning Member

Retirement tax questions

If I enter any number for SEP IRA contribution, Turbo Tax shows a HIGHER tax liability. How can that happen??

BillM223
Expert Alumni

Retirement tax questions

There is a not-obvious relationship between the SEP-IRA deduction (line 15 of Schedule 1 (1040)), the self-employed health insurance deduction (line 16 on the same form), and any premium tax credit. Sometimes, increasing one appears to increase your tax for seemingly unknown reasons.

 

Look at your 1040 and Schedule 1, 2, and 3 to see what changes when you add the SEP-IRA contribution. I bet something else is changing. Let us know what.

 

If you are using the Online product, you can see your 1040 and these three schedules at any time by clicking on Tax Tools on the left, then Tools underneath that, then View Tax Summary in the center, then Preview my 1040 back on the left.

 

If you are using the CD/download software, you can see all your forms at any time by clicking on Forms on the upper right.

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Retirement tax questions

I am entering different amounts of SEPIRA contributions for my 2020 taxes, but TT shows no change in taxes due. It seems it always uses the maximized value even though the maximize box is not checked. Help?

MarilynG1
Expert Alumni

Retirement tax questions

@stayabji Click this link for more info on Entering SEP Contributions

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Retirement tax questions

When I enter the information it puts it into a Simple IRA Contribution and not a SEP contribution

Retirement tax questions

Program keeps adding employer matching income,...I am self employed.

 

SamS1
Expert Alumni

Retirement tax questions

Clear all you entries and start over.   If you had any self-employed retirement contributions (including SEP IRA, SIMPLE IRA, and Solo 401(k)), you can enter them under Other business situations in the Income & Expenses section.

Here's how:

  • At the top of the page, select Income & Expenses.
  • Select Other business situations.
  • Select Start or Revisit next to Self-Employed Retirement Plans.

As you continue through the screens, you should see a screen like this:

 

Enter your SEP contribution or maximize and TurboTax will do the calculation for you.