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.
- Open or continue your return
- 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.
- On the Self-Employed Retirement Plans screen, answer Yes to Did you make a 2024 self-employed retirement plan contribution?
- 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.
- On the next screen, select Yes to Do you want to make a contribution to a Keogh, SEP or SIMPLE retirement plan for 2024?
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