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New Member
posted Sep 2, 2023 6:25:30 PM

Where and how do I calculate my SEP IRA for 2022?

0 1 2057
1 Best answer
Level 15
Sep 2, 2023 6:45:33 PM

1.  Go to Wages and Income -> Other Business Situations -> Self-Employment Retirement Plans.

2.  Answer Yes to making a self-employed retirement plan contribution.

3.  Answer No to Individual or Roth 401(k).

4.  Answer Yes to Keogh, SEP and SIMPLE contributions.

5.  Mark the Maximize box for a SEP contribution.

 

TurboTax will automatically calculate the maximum permissible SEP contribution based on your net earnings from self-employment.

1 Replies
Level 15
Sep 2, 2023 6:45:33 PM

1.  Go to Wages and Income -> Other Business Situations -> Self-Employment Retirement Plans.

2.  Answer Yes to making a self-employed retirement plan contribution.

3.  Answer No to Individual or Roth 401(k).

4.  Answer Yes to Keogh, SEP and SIMPLE contributions.

5.  Mark the Maximize box for a SEP contribution.

 

TurboTax will automatically calculate the maximum permissible SEP contribution based on your net earnings from self-employment.