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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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
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?
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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