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