A Few Questions: Prior Year SEP Contribution and How To Import Last Year's Taxes

[eleach355]

Dear TurboTax:

1) I contributed to my SEP for 2024 in 2023.  I don't see a place to put that in Turbo T.  I usually file an extension and pay the max amount by October, which is what I plan to do this year.  My assumption is that I put 0 when it asks what I have contributed for 2024 in the prompts because there is not a place in the prompts for the 2023 contributions.  Correct?

2) I have two single member LLC's so 2 schedule C's.  In my past return that someone did for me, I noticed that there were pages in the return with a year to year comparison (prior year and current tax year). How do I download my past year's return that I did not create on TurboTax and I am assuming that TurboTax does whatever is needed for that automatically.  I have the past tax year as a PDF document.  Where in the system and how do I put that information in so that it calculates properly.  Is there really a need for last year's info in  TurboTax? Are these pages necessary?

We are Online and the Type of TurboTax Product Says Premium 2024, which did not match the dropdown selections

3) How do I calculate my estimated taxes for the coming year and where are the prompts for that in TurboTax?

[dmertz]

The SEP contribution that you made fore 2023 was reportable as a self-employed retirement deduction on your 2023 tax return, not on your 2024 tax return.  It seems that you need to amend your 2023 tax return to include that.

With regard to your 2024 SEP contribution, if you intend to make the contribution after April 15, you should make it before you file your 2024 tax return and report the amount as a self-employed retirement deduction on your 2024 tax return.  You can prepare your 2024 before that, including entering the SEP contribution, but don't file the tax return until after you have made the contribution.  If you make the contribution after April 15, you must request a filing extension.