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Self employed
Correct Patricia V. I agree with you.
Earlier advice was in-correct.
Deductible traditional SEP IRA contributions as a sole proprietor appear on Schedule 1, line 16.
Deductible traditional IRA contributions made as a person appear on Schedule 1, line 20.
The two are separate:
-sole proprietor contributions in TRADITIONAL SEP IRA (BUSINESS) &
-contributions as an individual (PERSONAL) to TRADITIONAL IRA.
With different maximum contributions.
As a sole proprietor you can contribute to both with two hats and two maximum contributions.
For TurboTax this translates to contributing under the BUSINESS tab and under the PERSONAL tab.
‎April 26, 2024
2:27 PM