Is there anything I need to do for my SEP-IRA account since I didn’t have any self employed income in 2018 and also may not have any in the next a few years?

[User123120]

I had self employed income in 2017 and contributed to SEP-IRA in 2018 for the tax year 2017. I used TurboTax home & business edition for my 2017 tax return in 2018, and I didn’t claim any business loss or deductions, just net income. I reported the SEP-IRA contribution in my 2017 tax return. 

In 2018, I didn’t have any self employed income and didn’t contribute to my SEP-IRA for the tax year 2018. 

In 2019, I received a form 5498 for my 2018 Sep-IRA contribution for the tax year 2017. 

My questions are:

1. Do I need to to anything for this form 5498? 

2. Since I didn’t have any self employed income in 2018, can I just switch to TurboTax premier edition to do my tax return? 

3. Is there anything I need to do for my SEP-IRA account since I didn’t have any self employed income in 2018 and also may not have any in the next a few years?

[HelenaC · Accepted solution]

Here are my responses:

1. You don't need to do anything with your Form 5498. Keep it for your records. See What do I do with Form 5498?

2 . If you are using TurboTax CD\Download, yes, you can switch to TurboTax Premier. 

• If you are using TurboTax Online, yes, you can switch to Premier as long as you don't have any business carryover amounts, i.e. depreciation or vehicles. Note: When you transfer your .tax2017 file to 2018, your Schedule C information will transfer over so you'll need to delete it and all the related data. Otherwise, start a 2018 new tax return without transferring your .tax2017 file.

3. There is nothing you need to do for your SEP-IRA in 2018 or future years.

Related information:

• How do I delete a prior-year Schedule C business that transferred over?