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hbassler
New Member

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
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3 Replies

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

No.  A SEP is not an IRA. 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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

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.

dmertz
Level 15

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

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.

 

 

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