Retirement Accounts

barryb2 — Thu, 19 Mar 2020 14:54:06 GMT

where to put $21,479 to Barry's SEP and $7k to Missy’s traditional IRA

Re: Retirement Accounts

Irene2805 — Thu, 19 Mar 2020 15:38:29 GMT

Sole proprietors deduct contributions for self-employed retirement plans for themselves on line 15 of Form 1040 Schedule 1. To enter the contribution, please follow these steps:

TurboTax Self-Employed (online)

On the Income & Expenses screen, scroll down to the Less Common Business Situations section and click on the Start/Update box next to Self-Employed Retirement .
On the Self-Employed Retirement Plans screen, click Yes.
Click Yes on the next screen, also titled Self-Employed Retirement Plans.
Enter the contribution on the screen, Individual and Roth 401(k) Plans, in the elective deferrals box.

TurboTax Home & Business (CD/Download)

Click Business > Continue > I'll choose what I work on.
On the screen, Let's gather your business info, scroll down to Less Common Business Situations.
Click the Start/Update box next to Self-Employed Retirement.
Click Yes on the Self-Employed Retirement Plans screen.
On the screen, Did you contribute to an Individual or Roth 401(k) plan, click No.
On the Keogh, SEP and SIMPLE Contributions screen, click Yes.

To enter contributions to a traditional IRA in TurboTax, please follow these steps:

Click on Federal > Deductions & Credits [Personal > Deductions & Credits in Home & Biz]
Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions
On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.
On the IRA Contributions screen, click the Yes box.
Click the appropriate box on Is This a Repayment of a Retirement Distribution?
On the Enter Your Traditional IRA Contributions screen, enter the amount of your contribution and click Continue.

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Retirement Accounts

Re: Retirement Accounts