SEP Contribution to none partner employee

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.

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?

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