Retirement contribution allocation

[Nyc777]

My question is do I just put the employee contribution amount or the the employer contribution for the question of the amount  of the contribution that is attributed to my business?

[DaveF1006]

 To clarify, are you an employee or business owner?

[Nyc777]

Hello I have a single owner LLC.  by the way I’ve been trying to reach a tax expert by phone but no luck. 

[mahimahimom]

I have the same question:

What do I fill out here, under "RETIREMENT CONTRIBUTION ALLOCATION"? 

(TY23 Turbo Desktop Version)

I made a SEP contribution of $600.

Under "PERSONAL" (TOP BAR)

I made a Roth IRA contribution of $600 also.  

I made a Traditional IRA contribution of $2000.

So TY23 retirement contributions in total of: $3200.

Now I took it all FROM the sole proprietor income (no LLC - just a DBA, it's just me also),
Schedule C income.

My "tentative Schedule C Profit" from Line E1 from the QBI Worksheet says, $27,280.

My "Schedule C profit after SE tax deductions" from line E6 from the QBI Worksheet says, $24,003.

This is the only income I have, this schedule C income.

So how to interpret that TurboTax question "Enter the amount attributable to your business"?

Would it be $600 for the SEP?

Technically, even the Traditional and the ROTH under personal are from my income from my business ...

[RobertB4444]

Put the entire amount of your retirement contributions in that block.

@mahimahimom 

[mahimahimom]

Thank you.  I appreciate the response.  But your advice seems somehow incorrect.

Because the "Question" - It's an Order rather, because it says,
"Enter ... the amount of your $600 KEOGH, SEP, SIMPLE, or 401K contribution deduction attributable to [name of my business]"
 appears under the TurboTax tab "BUSINESS" - not under the tab "PERSONAL".

The cumulative contributions of $2600 to the Traditional and Roth IRAs are under the PERSONAL tab.

My impression is that the TurboTax instruction relates to the worksheet for FORM 7206, line 9,  for "Self-Employed Health Insurance Deduction".  Because that instruction precedes the health insurance deduction.

It appears very similarly on line 9 as in TurboTax.

[PatriciaV]

For Form 7206, enter the SEP contribution that applies to that business, Your IRA contributions are reported on Schedule 1. Even though you used the income from the business to fund the IRA, the contributions are considered a personal deduction.

@mahimahimom 

[mahimahimom]

Correct Patricia V.   I agree with you. 
Earlier advice was in-correct.

Deductible traditional SEP IRA contributions as a sole proprietor appear on Schedule 1, line 16.

Deductible traditional IRA contributions made as a person appear on Schedule 1, line 20.

The two are separate:
-sole proprietor contributions in TRADITIONAL SEP IRA (BUSINESS) &

-contributions as an individual (PERSONAL) to TRADITIONAL IRA.

With different maximum contributions.

As a sole proprietor you can contribute to both with two hats and two maximum contributions. 

For TurboTax this translates to contributing under the BUSINESS tab and under the PERSONAL tab.