I need to see how turbo tax calculated the amount of my SEP contribution. Where can I find this?

[stucky3]

My accountant reviewed my tax return (which I prepared with turbo tax) and told me that I overfunded my SEP contribution.  I need to find out how turbo tax arrived at the amount of the contribution.  Where can I find this?

[Critter-3]

TT has a worksheet for everything ... save a PDF with the worksheets to see that calculation ...

If you can't use the Download/print button at the Tax Home or the "Download/print the PDF" link in the section "Your Tax Returns & Documents", or if you're getting incomplete documents when you use one of those methods, here's an alternate way to print by opening the filed return back up to print at the Print Center.

NOTE:  When you open your return back up, do not make any changes in it if it's already been filed.  If you later have to amend the return, it has to start off exactly as it was when it was originally filed.

• Log in and at the Tax Home or in the section "Your Tax Returns & Documents" for 2019, look for a link "Add a State."
• Click on "Add a State."  (you don't really add one.  That's just to open your return back up.)
• After the return is open, click in the left menu column on TAX TOOLS, then PRINT CENTER.
• Then choose "Print, save, view this year's return."
• The next screen should offer some options:  "Just my tax returns", or "include government worksheets (optional)", or "include government and TurboTax worksheets (optional.)"
• See if one of those PDFs has what you need.  The latter has the most pages.   The mortgage company does not need the worksheets and summary pages.

                 
NOTE:  Remember all PDF tax documents and tax data files are very sensitive files, since they contain your personal ID info, financial data, and possibly bank account numbers, etc.  Be sure to store them safely and securely to guard against computer theft, hacking, etc.

[kmfissel]

I overfunded my SEP, not realizing the max is 20% of net income (not 25% of Compensation).

Either way, Turbo tax calculated my Maximum.  I redirected funds over that amount.  When I corrected the amount in Turbo Tax, it now calculates a different Maximum.  Why is that?

[MarilynG1]

@kmfissel When you changed the amount of your SEP contribution, it may have changed the amount of your Net Income, and also changed the amount of your Maximum Contribution.

As Critter-3 says above, download and view your return with worksheets, and review your Schedule C Worksheet. 

SEP IRA contributions allow for the lesser of either 25% of your compensation or $56,000 for 2019 ($57,000 in 2020).

Click this link for more info on SEP IRAs.