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luzemena
New Member

Employer contributes to my sep ira do i report it on my federal income tax

i don't show interest earned  only .15 cents
1 Best answer

Accepted Solutions
BMcCalpin
Level 13

Employer contributes to my sep ira do i report it on my federal income tax

Are you the self-employed employer or are you an employee working for someone who has a sole proprietorship?

If you are the self-employed person, then you enter this SEP IRA expense here:

TurboTax Home & Business:

Business Income and Expenses -> Less Common Business Situations -> Self-employed Retirement.

TurboTax Deluxe or Premier:

Wages & Income -> Business Items -> Business Deductions and Credits -> Self-employed retirement plans.

If, on the other hand, you are the employee of a sole proprietorship that is contributing to the SEP IRA in your name, then the SEP IRA employer contributions are not reported on your W-2 so no need to report it.

In any case, you never report earnings within an SEP IRA (or IRA or 401(k) plan or any similar retirement program), so long as they are retained within the retirement vehicle.

View solution in original post

2 Replies
BMcCalpin
Level 13

Employer contributes to my sep ira do i report it on my federal income tax

Are you the self-employed employer or are you an employee working for someone who has a sole proprietorship?

If you are the self-employed person, then you enter this SEP IRA expense here:

TurboTax Home & Business:

Business Income and Expenses -> Less Common Business Situations -> Self-employed Retirement.

TurboTax Deluxe or Premier:

Wages & Income -> Business Items -> Business Deductions and Credits -> Self-employed retirement plans.

If, on the other hand, you are the employee of a sole proprietorship that is contributing to the SEP IRA in your name, then the SEP IRA employer contributions are not reported on your W-2 so no need to report it.

In any case, you never report earnings within an SEP IRA (or IRA or 401(k) plan or any similar retirement program), so long as they are retained within the retirement vehicle.

View solution in original post

rajashri75
Returning Member

Employer contributes to my sep ira do i report it on my federal income tax

I am self employed. I contributed as employer and employee to SEP IRA.

 

Do I enter both information or only my (employee) contribution ?

 

Do I need to enter contribution as employer to SEP IRA ? Where to enter that information ?

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