I have a schedule k-1 and yet turbotax will not allow me to input my sep ira contribution, how do i do this?

[dmertz]

Does your Schedule K-1 (Form 1065) from a partnership show an amount of net earnings from self-employment with code A in box 14?

[chelsea]

my schedule K-1 is on form 1120S

[Lisa995]

Then the S-Corp should be making the SEP deposit, since you should be an employee of the S-Corp and receive a W2....you are not self employed.

[dmertz · Accepted solution]

As Lisa995 said, except for the purpose of a self-employed health insurance deduction, you are an employee of the S corp, not self employed.  The S corp must make the employer contribution to your SEP-IRA.  SEP contributions are limited to no more than 25% of compensation and must be the same percentage of each eligible employee's compensation (up to the first $270,000 of each employee's compensation).

SEP contributions are employer contributions, so the S corp gets the deduction on the S corp's tax return.  If the S corp has not made a SEP contribution for 2018, unless the S corp requested a filing extension, the deadline of March 15, 2019 to make the contribution has already passed for a calendar-year S corp.