topic Re: SEP IRA Contribution Problem With Allocation in Get your taxes done using TurboTax

SEP IRA Contribution Problem With Allocation

genuwine4532 — Mon, 09 Mar 2026 09:38:30 GMT

Hi,

I have 2 business income K-1s
1) LLC 1065
2) S-Corp 1120S

I have a SEP IRA contribution and when I added it in Turbo Tax, it is being allocated to the wrong business, when I print my return I see it added to the K1-1065 LLC instead of the S-Corp 1120S where it belongs?

Is there a way to fix this?

Re: SEP IRA Contribution Problem With Allocation

dmertz — Thu, 21 Apr 2022 12:30:59 GMT

A SEP contribution made by the S-corp goes on the S-corp's tax return, not on your individual tax return.

Re: SEP IRA Contribution Problem With Allocation

genuwine4532 — Thu, 21 Apr 2022 23:01:19 GMT

No not in all cases, in my case its my choice, I am owner and employee, I can and always do put it on my personal.

Anyway, I already fixed any issues with my Turbo Tax, so I am closing this topic.

Re: SEP IRA Contribution Problem With Allocation

dmertz — Fri, 22 Apr 2022 01:31:29 GMT

With respect to the S corp there is no choice. You are not the employer, the S corp is the employer and the SEP contribution is an employer contribution. All SEP contributions made with respect to the S corp must be reported on the S-corp's tax return and are based on the wages reported on the W-2 issued to you by the S corp.