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TurboTax asks for your IRA Basis when going through IRA Contributions. Would I include any SEP-IRA Contributions made by my employer? Current or previous years?

I am specifically asking about the basis nondeductible IRAs.  I also have a Traditional IRA that I know would be included in the basis, but I’m wondering about SEP-IRA contributions made by my employer.

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dmertz
Level 15

TurboTax asks for your IRA Basis when going through IRA Contributions. Would I include any SEP-IRA Contributions made by my employer? Current or previous years?

No.  SEP contributions are employer contributions, not personal contributions, and are always pre-tax.  They do not add to your basis in nondeductible traditional IRA contributions.

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dmertz
Level 15

TurboTax asks for your IRA Basis when going through IRA Contributions. Would I include any SEP-IRA Contributions made by my employer? Current or previous years?

No.  SEP contributions are employer contributions, not personal contributions, and are always pre-tax.  They do not add to your basis in nondeductible traditional IRA contributions.

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