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Returning Member
posted Feb 13, 2020 10:32:30 AM

SEP Contribution

Taxpayer is over 70 1/2 in 2019.  Taxpayer took an RMD in 2019. Taxpayer has income from her business and Turbo Tax is allowing taxpayer to make a deductible SEP contribution. For traditional IRAs, any contribution by taxpayer, if possible would have been nondeductible. What is the correct answer.

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1 Replies
Level 15
Feb 13, 2020 10:44:00 AM

The correct answer to what question?  You didn't ask one.

 

Self-employed SEP contributions are entered in the Business section of TurboTax and will appear on Schedule 1 as a self-employed retirement deduction.  Do not enter SEP contributions under Deductions & Credits.