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Level 2
posted Oct 27, 2021 9:47:08 AM

Where do I put my SEP IRA withdrawal income on my tax return (small business)?

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1 Replies
Expert Alumni
Oct 27, 2021 10:01:03 AM

Hi SASUGA,

You only need to enter SEP IRA contributions made through self-employment work. If your employer made a SEP IRA contribution for you, then you don’t need to enter it in your return. 

https://ttlc.intuit.com/community/retirement/help/where-do-i-enter-my-sep-ira-contributions/00/26783

 

Plan contributions for a self-employed individual are deducted on Form 1040, Schedule 1 (on the line for self-employed SEP, SIMPLE, and qualified plans) and not on the Schedule C. 

https://www.irs.gov/retirement-plans/self-employed-individuals-calculating-your-own-retirement-plan-contribution-and-deduction

 

Hope that helps,

 

Ron G