SEP Contribution to none partner employee

[JC1267]

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

[ThomasM125]

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.

[JC1267]

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]

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