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Level 2

Question

Schedule 1

3 replies
20 views

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?

TurboTax Home & Biz Windows

Alumni - Intuit

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.

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

Please contact us again with any additional questions.

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ShuixingrenAuthor

Level 2

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

Alumni - Intuit

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

Select Business at the top of the screen

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

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