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Level 2

Question

Schedule 1

Forum|Forum|2 years ago
March 13, 2024
1 reply
8 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

Level 15

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

Level 15

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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