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grithix
New Member

If I am self employed and open an IRA, do I put the contribution under both the business and the personal sections in Turbotax?

 
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1 Best answer

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dmertz
Level 15

If I am self employed and open an IRA, do I put the contribution under both the business and the personal sections in Turbotax?

The answer depends on the type of IRA contribution you are making.  If you establish a SEP plan for your business and make contributions to SEP-IRA, those would be entered in the Business section as a self-employed retirement plan.  Similarly, if you have a SIMPLE IRA plan and make contributions to the SIMPLE IRA, this is also a self-employed retirement plan.  However, if your IRA contribution is a regular personal IRA contribution, it goes in the Personal section.  No contribution goes in both sections.

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2 Replies
dmertz
Level 15

If I am self employed and open an IRA, do I put the contribution under both the business and the personal sections in Turbotax?

The answer depends on the type of IRA contribution you are making.  If you establish a SEP plan for your business and make contributions to SEP-IRA, those would be entered in the Business section as a self-employed retirement plan.  Similarly, if you have a SIMPLE IRA plan and make contributions to the SIMPLE IRA, this is also a self-employed retirement plan.  However, if your IRA contribution is a regular personal IRA contribution, it goes in the Personal section.  No contribution goes in both sections.

MinhT
Expert Alumni

If I am self employed and open an IRA, do I put the contribution under both the business and the personal sections in Turbotax?

You enter your IRA contribution in the personal section only.

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