Made 17,000 contribution to Sep IRA on Sub S Corp K-1 income of 198000, but not showing as a retirement contribution on 1040?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Made 17,000 contribution to Sep IRA on Sub S Corp K-1 income of 198000, but not showing as a retirement contribution on 1040?

 
1 Reply
Level 15

Made 17,000 contribution to Sep IRA on Sub S Corp K-1 income of 198000, but not showing as a retirement contribution on 1040?

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.

Dynamic Ads
v
Privacy Settings