I contributed to both an IRA and a SEP-IRA.
Under 'Self employed retirement plans' I see a 'Traditional SEP' option, but which is it meant to be? I haven't seen any type of IRA plan with that name.
And whichever it is, where do I put the other one? Or do I add them and enter the total here?
If it matters, it's Turbotax online "premium".
I know these account types have similar tax consequences, but they definitely have different contribution limits, and in past years they were entered separately. There's a help page for 'SEP-IRA contribution' which used to point to a page specifically for those, but now it just leads back to this ambiguous place, and I don't know what to do.
Thanks!
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Ordinary traditional IRA contributions are entered under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.
TurboTax changed the name of the SEP contribution section slightly because the SECURE 2.0 Act changed the tax code to allow Roth SEP contributions, which are not deductible, in addition to traditional deductible SEP contributions. Only the name was changed. Traditional SEP contributions are entered the same as they have always been.
It’s your SEP IRA.
Awesome, thanks!
That said, would you know offhand where to enter my traditional IRA? The help sent me back to the same place.
Ordinary traditional IRA contributions are entered under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.
TurboTax changed the name of the SEP contribution section slightly because the SECURE 2.0 Act changed the tax code to allow Roth SEP contributions, which are not deductible, in addition to traditional deductible SEP contributions. Only the name was changed. Traditional SEP contributions are entered the same as they have always been.
Thank you, that's veyr helpful. My trouble was that searching "traditional IRA contributions" no longer brings up the jump-to link, so I couldn't find it.
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