You only need to enter SEP IRA contributions made through self-employment work. If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return. (While you could contribute more to an employer-sponsored SEP IRA, TurboTax doesn’t support these contributions.)
Before you enter your SEP IRA contributions, first make sure you've entered self-employed income. This allows us to calculate the maximum amount you're allowed to contribute to your SEP IRA.
Once your self-employment income is entered:
- In your return, type SEP IRA contributions (use the whole phrase) in the Search box.
- Select the Jump to link at the top of the search results.
- This will take you to the Self-Employed Retirement Plans screen.
- If you get a message that Self-Employed Retirement Plans are only for self-employed individuals, this means that you haven't entered any self-employed income.
- TurboTax will ask you whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP, and SIMPLE Contributions.
- Continue answering the interview questions until you get to the Your Contributions screen, where you’ll be able to input your SEP IRA contributions.