Schedule 1

[Shuixingren]

I am self employee and bought $6500 traditional IRA. however, in schedule 1 part II both line 16 and line 20 show 6500. how to solve this problem. does it show correctly?

[JohnB5677]

No, it looks like you entered a retirement contribution in both your company, and as a personal contribution.

• If you contributed to a Traditional IRA it probably was a personal contribution, and should be posted under Deductions & Credits.
• The Self-Employed contribution would be for a Qualified Retirement Plan.
  • This would not be a Traditional IRA.

To get back to the self-employed contribution:

 As an alternative you can go to the main menu.

            

1. Select Tax Tools
2. On the drop-down select Tools
3. There will be 4 green boxes
4. Select Topics Search
5. Type SEP IRA (Use this to get back to your entry screen)
6. You'll see Self-Employed Retirement Plans, click Yes.
7. Continue the interview and remove the self-employed contribution.

Please contact us again with any additional questions.

[Shuixingren]

I am using home and business 2023 version and could not find the tax tool menu

[JohnB5677]

Sorry, this is how to get to the Self Employed retirement plan.

Select Business at the top of the screen

1. Lets find some business deductions - Continue
2. I'll chose what I work on
3. Scroll to Less Common Business Situations
4. Select Self-Employment Retirement
5. Clear any information you previously put in