Where can I enter the SEP IRA contributions?

[PaulaM]

To enter your your SEP IRA contribution:

• Sign into your account and select the 'take me to my return' button
• Type 'sep accounts' in the search box, then select the 'jump to' link
• Continue past the 401k plans to reach the SEP contribution plan
• Enter your contribution amount and mark the maximize button (if you want to see the maximum amount allowed)

[cfstt01]

This set of instructions do not work.

[Critter]

If you are self-employed, you can enter your retirement contributions using these steps:

1. Click FEDERAL (Business in the Home & Business version)  > Continue > I'll choose what I work on
2. On the screen, Let's gather your business info, scroll down to the Less Common Business Situations
3. Click on the Start/Update box next to Self-Employed Retirement. 
4. On the Self-Employed Retirement Plans screen, click Yes.
5. You will first be asked if you contributed to Individual and Roth 401(k) Plans.  Click Continue if this doesn't apply.
6. Next you will be asked about any Keogh, SEP and SIMPLE Contributions.

[cfstt01]

Thank you for the detailed instructions.

I am using the Self employed Turbo Tax version and do not see any of these options on screen(after I get to Federal Link)

> Continue > I'll choose what I work on On the screen, Let's gather your business info, scroll down to the Less Common Business Situations

[corgitaxman]

Extremely difficult to find where to place SEP IRA Contributions.

When I printed the FORMS that the Turbo Tax Program generated it had NUMEROUS WORD ERRORS THE ON HEADINGS AND OTHER PLACES. 

Feel the program was made in a NON-ENGLISH SPEAKING COUNTRY

JUST BLOODY BAD

[DontLikeButStuck]

If I enter any number for SEP IRA contribution, Turbo Tax shows a HIGHER tax liability. How can that happen??

[BillM223]

There is a not-obvious relationship between the SEP-IRA deduction (line 15 of Schedule 1 (1040)), the self-employed health insurance deduction (line 16 on the same form), and any premium tax credit. Sometimes, increasing one appears to increase your tax for seemingly unknown reasons.

Look at your 1040 and Schedule 1, 2, and 3 to see what changes when you add the SEP-IRA contribution. I bet something else is changing. Let us know what.

If you are using the Online product, you can see your 1040 and these three schedules at any time by clicking on Tax Tools on the left, then Tools underneath that, then View Tax Summary in the center, then Preview my 1040 back on the left.

If you are using the CD/download software, you can see all your forms at any time by clicking on Forms on the upper right.

[stayabji]

I am entering different amounts of SEPIRA contributions for my 2020 taxes, but TT shows no change in taxes due. It seems it always uses the maximized value even though the maximize box is not checked. Help?

[MarilynG1]

@stayabji Click this link for more info on Entering SEP Contributions. 

[Phredo386]

When I enter the information it puts it into a Simple IRA Contribution and not a SEP contribution

[Phredo386]

Program keeps adding employer matching income,...I am self employed.

[SamS1]

Clear all you entries and start over.   If you had any self-employed retirement contributions (including SEP IRA, SIMPLE IRA, and Solo 401(k)), you can enter them under Other business situations in the Income & Expenses section.

Here's how:

• At the top of the page, select Income & Expenses.
• Select Other business situations.
• Select Start or Revisit next to Self-Employed Retirement Plans.

As you continue through the screens, you should see a screen like this:

Enter your SEP contribution or maximize and TurboTax will do the calculation for you.