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redmeat
Level 2
January 8, 2024
Question

Previous year SEP IRA

  • January 8, 2024
  • 2 replies
  • 0 views

I contributed to a SEP IRA for 2022 in 2023,  Where do I input this on TurboTax business so it does not affect my balance sheet in 2023?

2 replies

A
Anonymous_
Level 15
January 8, 2024

I'll page @dmertz

R
redmeatAuthor
Level 2
January 11, 2024

Can anyone else help me?

 

D
dmertz
Level 15
January 8, 2024

This question has been addressed before somewhere in this forum but I don't recall the answer, so I can't be of much help.  It seems like a 2023 expense.

    D
    dmertz
    Level 15
    January 11, 2024

    This might be the post I'm remembering:

    https://ttlc.intuit.com/community/business-taxes/discussion/how-are-sep-contributions-reported-for-a-s-corporation-what-is-shown-on-the-1120s-form-what-is-shown/00/743194

      R
      redmeatAuthor
      Level 2
      January 14, 2024

      Thanks but still trying to figure this out.. My balance sheet is off because the contribution made for sep ira through the LLC was made on 2/23 for the 2022 taxes.  I see the contribution listed in my 2022 tax return when I transferred that year over.  I see where the LLC can calculate and contribute now (2024) for 2023.  But I can't figure out how to adjust my balance sheet for the payment made in 2023 for the 2022 contribution.   Thanks

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