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nyka-kwon
New Member

I have both a SEP and ROTH IRA (as of March 2017) but cannot seem to put in appropriate for each. Please advise

I have both a SEP and a new ROTH IRA (as of March 2017).  For 2016 taxes, I opened the new ROTH IRA account and contributed only to it (no contributions made to SEP IRA).  I have indicated that I have both accounts.  But I only seem to get questions about recharacterization or switching, or questions regarding any contributions prior to 2017.  I thus cannot tell if I've correctly indicated what I contributed in 2017.  

Also, typically, playing around with the amount that I will contribute before April 2018 lowers dramatically how much tax I have to pay, but this time, I'm not getting that (I plan to contribute only to the Roth IRA).  Can you advise on both concerns? Thanks


1 Reply
AnnetteB
Intuit Alumni

I have both a SEP and ROTH IRA (as of March 2017) but cannot seem to put in appropriate for each. Please advise

There are two separate sections of TurboTax to indicate contributions to a Roth IRA and/or a SEP IRA

Indicating that you have contributed or are planning to contribute to a Roth IRA should not make a significant change in your overall refund or balance due since Roth contributions are not tax deductible.  In general, the only change you would see by contributing to a Roth IRA would be a possible Saver’s Credit. 

Use these steps to go to the section of your return to enter your Roth contributions:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “IRA contributions” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to IRA contributions
  • Click on the blue “Jump to IRA contributions” link and enter your information

 

Use the steps below to go to the self-employed retirement section of your return.  Go through the screens until you get to the question regarding making a contribution to a SEP where you will indicate that you have (or are planning to) contributed.  Then, there will be a check-box beside the entry for the amount you contributed or plan to contribute.  The box is labeled Maximize.  Checking the box will allow TurboTax to calculate the maximum that you can contribute based on your business income.

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “self-employed retirement” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to self-employed retirement
  • Click on the blue “Jump to self-employed retirement” link

For more information about how to make the maximum contribution calculation on your own, Click Here.


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