topic SEP Contribution to none partner employee in Retirement tax questions

SEP Contribution to none partner employee

JC1267 — Mon, 07 Mar 2022 22:00:19 GMT

For LLC, Where / how to input SEP contribution for none partner employee?

Re: SEP Contribution to none partner employee

ThomasM125 — Mon, 07 Mar 2022 22:36:46 GMT

If you are working on a partnership form 1065 in TurboTax, you should enter the SEP contribution in the Employee compensation & benefits section, and then Retirement.

Re: SEP Contribution to none partner employee

JC1267 — Mon, 07 Mar 2022 22:44:46 GMT

If I the owner make SEP contribution for employee and set up bank account for employee, do I (owner) file form 5498 to IRS or is this Bank's responsibility? Can this form be filed from TurboTax Business?

Re: SEP Contribution to none partner employee

GeorgeM777 — Tue, 08 Mar 2022 01:07:41 GMT

The "custodian" of your IRA, typically the bank or other institution that manages your account, will mail a copy of form 5498 to both you and the Internal Revenue Service. If you have an IRA but made no contributions for the year, the custodian generally won't send you a Form 5498 unless you have a required minimum distribution from the account.

Here is a link to a TurboTax article that discusses Form 5498.

What is IRS Form 5498

@JC1267