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Retirement tax questions
If you have an employer that provides a SEP IRA you don't have to do anything. It will have reduced your total earnings to reflect the contribution. If you look at your W-2 you will see that BOX 1 is Less than Box 3 by at least the amount of the SEP contribution.
If you have your own business we will go to
- Self-Employed Retirement Plans screen.
- If you get a message that Self-Employed Retirement Plans are only for self-employed individuals, this means that you have not entered any self-employed income.
- TurboTax will ask you about whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP and SIMPLE Contributions.
On the Your Contributions screen, you’ll be able to input your SEP IRA contributions.
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February 10, 2020
4:17 PM