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ajran
New Member

Where do I enter my SEP IRA ontributions. When I got to IRA contributions it only gives me Tradional, Roth and other? So frustrated with TT...

 
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4 Replies
JohnB5677
Expert Alumni

Where do I enter my SEP IRA ontributions. When I got to IRA contributions it only gives me Tradional, Roth and other? So frustrated with TT...

If you have an employer that provides a SEP IRA you don't have to do anything.  It will have reduced your total earnings to reflect the contribution.  If you look at your W-2 you will see that BOX 1 is Less than Box 3 by at least the amount of the SEP contribution.

 

If you have your own business we will  go to

  • Self-Employed Retirement Plans screen.
  • If you get a message that Self-Employed Retirement Plans are only for self-employed individuals, this means that you have not entered any self-employed income.
  • TurboTax will ask you about whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP and SIMPLE Contributions.

On the Your Contributions screen, you’ll be able to input your SEP IRA contributions.

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charsmith20
Returning Member

Where do I enter my SEP IRA ontributions. When I got to IRA contributions it only gives me Tradional, Roth and other? So frustrated with TT...

I've entered an amount as a SEP-IRA contribution but this amount does not show up on Schedule 1 line 15.  In other words, I am not getting any immediate tax benefit from my 2020 contribution because it is not increasing my adjustments to income.

Superdoc
New Member

Where do I enter my SEP IRA ontributions. When I got to IRA contributions it only gives me Tradional, Roth and other? So frustrated with TT...

I received a 1099 NEC for work I performed. I paid the US treasury  2020 1040 Estimate taxes. Where do I input my SEP IRA contributions for this income??

DawnC
Employee Tax Expert

Where do I enter my SEP IRA ontributions. When I got to IRA contributions it only gives me Tradional, Roth and other? So frustrated with TT...

You only need to enter SEP IRA contributions made through self-employment work.    Before you enter your SEP IRA contributions, first make sure you've entered self-employed income. This allows us to calculate the maximum amount you're allowed to contribute to your SEP IRA.   TurboTax instructions are here.  

 

To enter the estimated taxes you paid to the US Treasury, follow these instructions.    @Superdoc

 

Contributions are made to an IRA set up for each plan participant and cannot exceed the lesser of:

  • 25% of compensation paid during the year
  • $57,000 for 2020 ($56,000 for 2019)

Investment, distribution, and rollover rules are the same as traditional IRAs.   End of Year Retirement Tips for Employees and the Self-Employed

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