Where do I enter my SEP contributions in Turbo Tax? I tried in the Traditional IRA section, but it seems that is only for a $7000 maximum contribution.

I maxed out my SEP contributions but can't seem to find where to enter them in Turbo Tax. Thank you!

219

Expert Alumni

Mar 21, 2021 5:11:44 PM

The entry for the SEP contribution is under Wages & Income- Other Business Situations (see below)

If you have self-employment income, you can contribute a certain amount of the profits from your business to special retirement accounts for you and your employees. Your contributions are tax deductible. The types of self-employed retirement plans are:

- Keogh
- SEP
- SIMPLE
- Individual 401(k)
- Roth 401(k)

TurboTax can help you figure the maximum amount you can contribute to your self-employed retirement plan.

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Where do I enter my SEP contributions in Turbo Tax? I tried in the Traditional IRA section, but it seems that is only for a $7000 maximum contribution.