Yes, there is a
way to deduct SEP-IRA contributions using TurboTax when you have self-employed
income.
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) 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.
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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)
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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)
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The search results will
give you an option to “Jump to self-employed retirement”
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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.
