where to enter SEP IRA contribution in TurbboTax 2024

[chriskao98]

SEP IRA contribution in TurboTax 2024

[MayaD]

First your need to enter your self employment income. This allows TurboTax to calculate the maximum amount you're allowed to contribute to your SEP IRA.

1. Open or continue your return
2. Navigate to the SEP IRA contributions section:
   • TurboTax Online/Mobile: Go to SEP IRA contributions.
   • TurboTax Desktop: Search for SEP IRA contributions (use this exact phrase, including the s on contributions) and select the Jump to link.
3. On the Self-Employed Retirement Plans screen, answer Yes to Did you make a 2024 self-employed retirement plan contribution?
4. Depending on if you contributed, select Yes or No to the question Did you contribute to an Individual or Roth 401(k) plan?
   • If you get the message Self-Employed Retirement Plans are only for self-employed individuals (i.e., those filing Schedules, C, F, or K-1), this means that you haven't entered your self-employed income yet. Once you've entered your income, you can come back to these instructions.
5. On the next screen, select Yes to Do you want to make a contribution to a Keogh, SEP or SIMPLE retirement plan for 2024?

[Anthony Edwards]

I followed the instructions provided for TurboTax Desktop.  (Additional note:  to search, click on SEARCH word in upper right of screen.)  The TurboTax Help window popped up.  I typed "sep-ira contribution" as instructed.  The link "Enter my SEP IRA Contributions" lead me right back to this same page with the instructions. 

So, the on-line help points me to a dialog box which points me back to the on-line help.  

Unfortunately, the help is not providing me with an alternate (non-circular) path for navigating TurboTax to locate this entry field.

[Anthony Edwards]

Here's how to Navigate to SEP-IRA Contribution:

Click on the Federal Taxes tab.

Click on the Wages & Income sub-tab.

Under "Retirement Plans and Social Security", click on Start or Update for "Business Deductions and Credits"

Click on Start or Update button for "Self-employed retirement plans" and follow the prompts