topic Does a sep contribution flow thru to form 8880? in Retirement tax questions

Does a sep contribution flow thru to form 8880?

ksseufert1 — Sat, 01 Jun 2019 19:04:22 GMT

does a sep contribuition for a self employed individual flow thru to form 8880 like a traditional ira contrition for the credit?

No - A SEP contribution does not appear on Form 8880. C...

IreneS — Sat, 01 Jun 2019 19:04:23 GMT

No - A SEP contribution does not appear on Form 8880. Contributions that may qualify for the credit calculated on Form 8880 will appear in Box 12 of Form W-2.

A contribution to your SEP will appear on line 28 of Schedule 1 of the 1040.

Of course if you only have income from self-employment yo...

dmertz — Sat, 01 Jun 2019 19:04:24 GMT

Of course if you only have income from self-employment you won't have a W-2. In addition to employee elective deferral and voluntary employee contributions making you eligible for the credit, regular personal contributions to a traditional or Roth IRA qualify for the credit. However, since SEP contributions are employer contributions, they don't qualify (except for employee elective deferrals to a SARSEP established before 1997).

You might want to consider making a contribution to a traditional or Roth IRA if you otherwise qualify for this tax credit.