SEP Contribution to none partner employee

Forum|Forum|4 years ago
March 7, 2022
3 replies
27 views

For LLC, Where / how to input SEP contribution for none partner employee?

TurboTax Business Windows

ThomasM125

Level 15

If you are working on a partnership form 1065 in TurboTax, you should enter the SEP contribution in the Employee compensation & benefits section, and then Retirement.

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JC1267Author

Level 2

If I the owner make SEP contribution for employee and set up bank account for employee, do I (owner) file form 5498 to IRS or is this Bank's responsibility? Can this form be filed from TurboTax Business?

GeorgeM777

Alumni - Intuit

The "custodian" of your IRA, typically the bank or other institution that manages your account, will mail a copy of form 5498 to both you and the Internal Revenue Service. If you have an IRA but made no contributions for the year, the custodian generally won't send you a Form 5498 unless you have a required minimum distribution from the account.

Here is a link to a TurboTax article that discusses Form 5498.

What is IRS Form 5498

@JC1267

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