A Simplified Employee Pension (SEP) or (SEP-IRA) provides business owners with a simplified method to contribute toward their employees' retirement as well as their own.
Contributions are made to an IRA set up for each plan participant and cannot exceed the lesser of:
Investment, distribution, and rollover rules are the same as traditional IRAs. You only need to enter SEP IRA contributions made through self-employment work. If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return. (While you could contribute more to an employer-sponsored SEP IRA, TurboTax doesn’t support these contributions.)
Related Information:
The text to Where do I enter my SEP IRA contributions? is as follows:
You only need to enter SEP IRA contributions made through self-employment work. If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return. (While you could contribute more to an employer-sponsored SEP IRA, TurboTax doesn’t support these contributions.)
Before you enter your SEP IRA contributions, first make sure you've entered self-employed income. This allows us to calculate the maximum amount you're allowed to contribute to your SEP IRA.
Once your self-employment income is entered:
If you're self-employed, you can contribute to your own SEP-IRA. Contributions have to be in the form of money. You can't contribute property.
Where is this information submitted in Turbotax Premier? Form 5305 for SEP contributions is not available. And when I fill out the Keogh/SEP worksheet, the SEP contribution does not decrease my taxes, as it should.
You need to look on your tax return to see if there is an entry for your SEP contribution on line 15 of schedule 1, Part II. You can see that schedule and form 1040 while working online with TurboTax by following these steps:
The given instructions do not work for me, and other people have reported the same. There is no jump link to the Self-Employed Retirement Plans screen.
@idealmike wrote:
The given instructions do not work for me, and other people have reported the same. There is no jump link to the Self-Employed Retirement Plans screen.
Click on Tax Tools on the left side of the program screen.
Click on Tools.
Click on Topic Search.
Type in self-employed retirement.
With the key words highlighted, click on GO.
none of the instructions from turbotax worked for me.
I was able to enter SEP IRA contributions using the following: (using 2021 premier)
navigate to:
Federal income summary
business items
business deductions / credits
update
self employment retirement
(I found the "Maximize" button didn't work, but if you put in a number that is too high, it tells you what the maximum is on the next page)
I'm using Turbo Tax Deluxe. These instructions DO NOT WORK. Can you tell me where to enter our SEP IRA contributions in Turbo Tax Deluxe (i.e., NOT the online Turbo Tax)? Thank you.
Use the Search box. Type in "self-employed retirement". Clicking on "Jump to self-employed retirement" it should take you directly to the Self-Employed Retirement Plans screen.
Go to Federal
Income
Scroll down to Other Business Situations
Self Employed Retirement Plans
Where to enter your SEP IRA contribution
https://ttlc.intuit.com/community/retirement/help/where-do-i-enter-my-sep-ira-contributions/00/26783