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shiphil1
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Where do I enter SEP IRA for self employed? I am doing an MBA and can I deduct the tuition in the other buisness expenses?

 
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Where do I enter SEP IRA for self employed? I am doing an MBA and can I deduct the tuition in the other buisness expenses?

The TurboTax FAQ link below explains how to enter SEP IRA contributions into TurboTax.

Deducting MBA as Business Expense

You can deduct the costs of qualifying related education as business expenses. There are two tests that you have to meet for the education to be considered qualifying education:

  • The education is required by your employer or the law to keep your present salary, status, or job. The required education must serve a bona fide business purpose of your employer.

  • The education maintains or improves skills needed in your present work.

In addition, even if the education meets one or both of the above tests, it isn't qualifying work-related education if it:

  • Is needed to meet the minimum educational requirements of your present trade or business, or

  • Is part of a program of study that will qualify you for a new trade or business.

If your MBA maintains or improves skills needed in your present work, you may be eligible to deduct the following expenses: 
  • Tuition, books, supplies, lab fees, and similar items.

  • Certain transportation and travel costs.

  • Other education expenses, such as costs of research and typing when writing a paper as part of an educational

https://www.irs.gov/pub/irs-pdf/p970.pdf

Entering SEP/IRA contributions:

https://ttlc.intuit.com/replies/5204946

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Where do I enter SEP IRA for self employed? I am doing an MBA and can I deduct the tuition in the other buisness expenses?

The TurboTax FAQ link below explains how to enter SEP IRA contributions into TurboTax.

Deducting MBA as Business Expense

You can deduct the costs of qualifying related education as business expenses. There are two tests that you have to meet for the education to be considered qualifying education:

  • The education is required by your employer or the law to keep your present salary, status, or job. The required education must serve a bona fide business purpose of your employer.

  • The education maintains or improves skills needed in your present work.

In addition, even if the education meets one or both of the above tests, it isn't qualifying work-related education if it:

  • Is needed to meet the minimum educational requirements of your present trade or business, or

  • Is part of a program of study that will qualify you for a new trade or business.

If your MBA maintains or improves skills needed in your present work, you may be eligible to deduct the following expenses: 
  • Tuition, books, supplies, lab fees, and similar items.

  • Certain transportation and travel costs.

  • Other education expenses, such as costs of research and typing when writing a paper as part of an educational

https://www.irs.gov/pub/irs-pdf/p970.pdf

Entering SEP/IRA contributions:

https://ttlc.intuit.com/replies/5204946

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