Is there a method for deducting SEP-IRA using turbo tax? If so, how does one calculate how much one can contribute using Turbo Tax? Thank you.

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.

• 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.