You only need to enter Simplified Employee Pension (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.)
Note: Before you enter your SEP IRA contributions, make sure you've entered your 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:
- Sign in to your TurboTax account.
- Open your return.
- Select Search and enter SEP IRA contributions (use this exact phrase, including the s on contributions).
- Select the Jump to link in the search results.
- On the Self-Employed Retirement Plans screen, answer Yes to Did you make a 2023 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 2023?
- Answer any additional questions until you get to the Your Contributions screen, where you’ll be able to input your SEP IRA contributions.
If you want to enter contributions to a Traditional or Roth IRA, follow these instructions.
If you want to enter IRA distributions reported on Form 1099-R, follow these instructions.
