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Level 1

Why does turbotax limit my SEP-IRA deduction to $6500 when 18.5% of my self-employment income would be higher?

 
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Level 20

Why does turbotax limit my SEP-IRA deduction to $6500 when 18.5% of my self-employment income would be higher?

Are you entering the IRA contribution in the IRA section by mistake?



• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “self-employed retirement” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to self-employed retirement”
• Click on the blue “Jump to self-employed retirement” link and enter your information
2 Replies
Level 1

Why does turbotax limit my SEP-IRA deduction to $6500 when 18.5% of my self-employment income would be higher?

Yup, that was it. Thanks Critter!
Level 20

Why does turbotax limit my SEP-IRA deduction to $6500 when 18.5% of my self-employment income would be higher?

Are you entering the IRA contribution in the IRA section by mistake?



• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “self-employed retirement” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to self-employed retirement”
• Click on the blue “Jump to self-employed retirement” link and enter your information