SEP IRA contribution

[OldCarGuy]

we have an LLC which generates most of our income -- we have no employees, my wife and I are equal partners

In order to reduce our taxes and save for more for retirement TT suggests we put money into an existing IRA 

--however, the limit is $7,000 each

Can we set up a SEP IRA and contribute more than $7,000 -- SEP looks like over $25,000 would be allowed

Q1: can an individual set up a SEP IRA ?

Q2: if so, where in TT do I enter the contribution -- i can only find IRA entries 

[Mike9241]

what does the LLC do? it must generate self-employment income.

if qualified max contribution 20% of net SE income after SE TAX deduction. 

you seem to have a partnership. you and your spouse. 

so a partnership return is required unless you are in a community property state

a SEP is established at the partnership level.

[OldCarGuy]

partnership is consulting -- yes we file a partnership return and receives K1s

we have SE income over $200,000  

I tried to set up the SEP for the partnership BUT the TT sys said NO, because we are not employees?

[RobertB4444]

Here are the instructions for entering SEP contributions in TurboTax.

If the program is telling you that you don't have any self employment income so you can't set up a SEP then that means that the system isn't seeing any self employment income or charging self employment tax.  

When looking at the K-1 from your 1065 return you must have amounts showing in box 14 to have self employment income that will then have self employment tax charged on it.  Just having income generated by the partnership that you own does not count as self employment income.

[OldCarGuy · Accepted solution]

most replies were to ck things i already knew

--the post with the link to instructions was helpful -- but i could not find the "search button"

however, knowing that a SEP deduction was possible caused me to keep looking

The correct answer can be found through the "forms" tab open all ductions and read the very tiny print for the "zoom" tab labeled KEHO, SEP etc. -- it opens up the entry form you need

[terrydr]

Did anyone answer this question?  I have been searching everywhere and I can't find where to input the SEP-IRA contribution.   Turbo Tax has really declined over the years.

[Critter-3]

To enter your self-employed retirement contributions in TurboTax, log into your tax return  (for TurboTax Online sign-in, click Here) and type "self-employed retirement" in the search bar then select "jump to self-employed retirement". TurboTax will guide you on entering this information.     

OR use the tax topics tool ... under the tax tools >> tools >> tax topics