You are not self-employed with respect to a retirement contribution, you are an employee of the S corporation. Assuming that this is not a SARSEP established before 1997, the SEP contribution an employer contribution and is reportable and deductible only on the S corporation's tax return, not on your personal tax return. The maximum SEP contribution that the S corporation can make on your behalf is the amount the S corporation paid to you in compensation (reported on your W-2 from the S corporation), and must be the same percentage of compensation as the SEP contributions made for other eligible employees of the S corporation, if any (up to the compensation limit for calculating SEP contributions).
If you do not have a separate sole proprietor business, there is no need for you to be using TurboTax Home & Business. TurboTax Premier is sufficient to report your W-2 and Schedule K-1 from the S corporation.
Still have questions?Make a post