Once your self-employment income is entered:
- Open (continue) your return in TurboTax
- Locate the search bar in the upper right. Search for SEP IRA contributions (use this exact phrase) and select the Jump to link in the search results
- This will take you to the Self-Employed Retirement Plans screen. Answer 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, 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.
- On the next screen, answer Yes to Keogh, SEP, and SIMPLE Contributions
- Continue answering the interview questions until you get to the Your Contributions screen, where you’ll be able to input your SEP IRA contributions.
- Select Maximize and TurboTax will calculate the maximum amount
For a self-employed individual, contributions are limited to 25% of your net earnings from self-employment (not including contributions for yourself), up to $58,000 for 2021.
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