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New Member
posted Apr 12, 2021 3:19:07 PM

I am not self employed. SEP IRA Contribution I made is not be reflected on my W2. Will the TT Software allow me to enter SEP IRA Contributions I made to the account?

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6 Replies
Level 15
Apr 12, 2021 5:16:58 PM

SEP contributions are employer contributions.  The employer deducts the contribution on your employer's tax return.  You do not deduct it on your individual tax return .

 

Did you make a regular personal IRA contribution independent of the SEP contribution?  (Normally one does not make regular personal contributions to the same SEP-IRA to which employers make SEP contributions.  Some SEP-IRA custodians don't allow it and even if they do, special care must be taken so that the custodian records it as a regular personal IRA contribution and not a SEP contribution.)

New Member
Apr 12, 2021 5:36:02 PM

This contribution is buy the employee (me).  The SEP IRA manager is supposed to submit Form 5498 to the Federal Government.  I just need to know how to record the employee contribution in Turbo Tax.

Level 15
Apr 12, 2021 6:18:56 PM

Since it is not reported on your W-2, any contributions you made are not SEP contributions.  You are not permitted to make SEP contributions.  Only your employer is permitted to make SEP contributions.

 

As I suggested as a possibility, perhaps you made a regular personal IRA contribution, not a SEP contribution, but happened to make it to the same SEP-IRA to which your employer makes SEP contributions.  If that's the case, it's reported just like any regular personal traditional IRA contribution under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.  These contributions would be reported in box 1 of the Form 5498.  The only amounts reported in box 8 of the Form 5498 as SEP contributions are those made by your employer.

New Member
Apr 12, 2021 6:53:54 PM

Thank you

Returning Member
Jul 13, 2021 1:53:05 PM

NO! This SEP Ira account was set up in the 1990's when I had evedence of being self employed but I made a constribution this year passed and I need to report as to much. How can I get form C, F and the other forms to report this contribution?! I made the contribution to my SEP IRA and now I need to report as to much to the IRS!

Level 15
Jul 14, 2021 5:29:55 AM

You cannot make a SEP contribution if you are not an employer ... remove the excess contributions + earnings ASAP.