Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 1, 2019 12:52:17 PM

I am over 55. I work a W2 and 1099 job. Where do I enter a SEP contribution? It says I've gone over my contribution limited.

The 401K at the W2 job is less than $4K and the 1099 SEP contribution is less than $2,500. 

0 9 1496
1 Best answer
Level 15
Jun 1, 2019 12:52:26 PM

Just enter "sep ira contributions" in the TT search box.

9 Replies
Level 9
Jun 1, 2019 12:52:19 PM

Did you have enough self employment profit to make a $2500 SEP contribution?

New Member
Jun 1, 2019 12:52:20 PM

Income was $11k. It was recommended to deposit 11%.

Level 9
Jun 1, 2019 12:52:22 PM

Is $11,000 the PROFIT?  What is on Line 31 of Schedule C?

Who recommended to deposit 11%???

New Member
Jun 1, 2019 12:52:23 PM

I have to check line 31. A Schwab professional.  Can anything over count for my W2 job? Or can it be counted in 2019? The deposit was made in March 2019.

Level 9
Jun 1, 2019 12:52:24 PM

11% of $11,000 is $1210, so why did you contribute $2500 (almost 23%)?

The maximum SEP is roughly 18.5% of your business profit.  So I have no idea why that person said 11%, as that seems completely random.

File an extension, and I *THINK* you can ask them to "remove excess contribution" (you can definitely do that today, before the April 15th due date, but I'm not quite sure if you can do that for a SEP after April 15th).

Level 15
Jun 1, 2019 12:52:26 PM

Just enter "sep ira contributions" in the TT search box.

New Member
Jun 1, 2019 12:52:28 PM

That did not work. I received the over comment

Level 15
Jun 1, 2019 12:52:29 PM

You don't enter it in the IRA contribution section.  It is in the Business Income & Deductions section under Self-Employed Retirement Plans.

New Member
Jun 1, 2019 12:52:31 PM

I was pretty sure that's where I entered the amount.