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New Member
posted Feb 20, 2025 11:17:22 PM

I entered my SEP IRA contribution information, but it didn't get deducted from my 1099 taxable income information. How do I fix it to reflect deduction?

In short, I entered my SEP IRA contribution info, but it does not seem like I got any tax deduction/benefit. How do I correct this to get correct deduction?

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1 Best answer
Level 15
Feb 21, 2025 3:54:36 AM

Check the deductible amount shown at the bottom of TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.  If TurboTax show $0 there, TurboTax has determined that the SEP contribution is not permitted, generally because your Schedule C does not show any profit from self-employment.

1 Replies
Level 15
Feb 21, 2025 3:54:36 AM

Check the deductible amount shown at the bottom of TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.  If TurboTax show $0 there, TurboTax has determined that the SEP contribution is not permitted, generally because your Schedule C does not show any profit from self-employment.