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do contributions to a SEP IRA count as additional contributions?

turbo tax during the deductions section of doing my taxes is asking me about additional contributions

 

see screenshot

 

i know roth ira don't count here. but do SEP IRA contributions count?

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3 Replies

do contributions to a SEP IRA count as additional contributions?

SEP-IRA for employer is deductible on the 1040 subject to certain limitations. 20% of net SE income after subtracting the related SE tax up to $70,000

do contributions to a SEP IRA count as additional contributions?

i'm a sole proprietor with a SEP IRA... i'm planning to contribute to it

 

is it deductible as this "other retirement contributions after tax" ? in the deductions section of turbo tax?? i'm still confused. 

 

i already got my SEP IRA retirement deduction so that contribution owuldn't qualify for this less common distribution right?

dmertz
Level 15

do contributions to a SEP IRA count as additional contributions?

No, your SEP contributions are not "additional contributions."  "Additional contributions" are not permitted to be made to a SEP-IRA.

 

The page that you are asking about is in the Retirement Savings Contributions section of TurboTax.  Additional contributions are after-tax employee contributions that an employee makes to an employer plan like a 401(k).  SEP contributions are neither after-tax nor employee contributions.  TurboTax automatically factors into the calculation of this tax credit the amount that you reported as contributions to your SEP plan in the self-employed retirement section.

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