In TurboTax Online, SEP IRA contributions made by your employer, including those you make yourself through self-employment, are treated separately from your personal IRA contributions. You only need to enter SEP IRA contributions related to your self-employment income in the SEP IRA section.
In TurboTax Online, to enter your personal IRA contributions follow these steps:
To enter personal IRA contributions:
1. Go to the Federal section.
2. Select Deductions & Credits.
3. Find and open the Traditional and Roth IRA Contributions section.
4. Enter your personal IRA contribution amounts here.
To enter SEP IRA contributions (only if you are self-employed):
1. Make sure your self-employment income is entered first.
2. Navigate to the SEP IRA Contributions section by searching for "SEP IRA contributions."
3. Only enter contributions that you made yourself from your self-employment income.
4. Do NOT enter employer SEP IRA contributions here; those are handled automatically and should not be added manually.
This way, TurboTax will keep employer SEP contributions separate and not count them against your personal IRA limits.
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