A simplified employee pension (SEP IRA) is a retirement plan that an employer or self-employed individuals can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.
Then, the IRS outlines three steps for setting up your SEP IRA:
- Create a formal written agreement. You can do this with IRS Form 5305-SEP or through your account provider.
- Give eligible employees information about the SEP IRA. ...
- Set up separate SEP IRAs for each eligible employee with the account provider.
To set up a SEP IRA on TurboTax you should:
- Enter SEP IRA contribution in the Search Magnifying Glass
- Select Jump to sep ira contribution
- Answer the questions on the pages
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