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Using TurboTax Home and Business:
Using TurboTax Home and Business:
Thanks so much! I tried what you suggested and it worked perfectly. One follow-up question: After calculating and entering the maximum amount allowable for a traditional SEP-IRA, how can one reduce the contribution later? I tried but the "step by step" would not let me back into the traditional SEP-IRA section anymore. The only way I found I could do it was to go into the corresponding "form" and do a manual override. Is there a way to get back into the traditional SEP-IRA question in the step-by step? Thanks again.
Have you tried...
Enter SEP IRA Contribution:
Or Business tab > Business Income and Expenses > I'll choose what I work on > Less Common Business Solutions > Self-employed Retirement > Update
[Edited 3/18/24 | 3:59pm PST]
Thanks so much! I tried what you suggested and it worked perfectly. One follow-up question: After calculating and entering the maximum amount allowable for a traditional SEP-IRA, how can one reduce the contribution later? I tried but the "step by step" would not let me back into the traditional SEP-IRA section anymore. The only way I found I could do it was to go into the corresponding "form" and do a manual override. Is there a way to get back into the traditional SEP-IRA question in the step-by step? Thanks again.
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