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 Mar 19, 2020 3:57:49 PM

I have contributed to a SEP 401k where do I claim this Is it considered an IRA

I am unclear where to put this into the turbo tax program. It keeps leading me to traditional IRAs

0 3 724
3 Replies
Level 15
Mar 19, 2020 4:02:45 PM

No.  A SEP is not an IRA. 

Level 15
Mar 19, 2020 4:03:28 PM

Click on Tax Tools on the left side of the program screen. Click on Tools. Click on Topic Search. Type in self-employed retirement. With the key words highlighted, click on GO.

Level 15
Mar 19, 2020 4:40:38 PM

There is no such thing as a "SEP 401(k)."  It's either a SEP IRA (which is a type of traditional IRA that you would contribute to from net profit from self-employment, a SIMPLE 401(k) (which is not an IRA) or a regular 401(k) (which is also not an IRA).  An individual 401(k) that you contribute to from net profit from self-employment is a type of regular 401(k).

 

If your contributions are reported in box 12 of your W-2, enter the box 12 amounts only in box 12 of TurboTax's W-2 form, nowhere else in TurboTax.