Form 1040, Schedule 1, Line 16 - cannot make an entry

[mlabrahams]

I have computed my allowable SEP amount on the Keogh/SEP worksheet, but I cannot get it to transfer to 1040-Schedule 1 - Line 16, where I would enter my SEP-IRA contribution.  And there is no override option to manually enter it.   Can anyone suggest a solution?  Thanks!

[FangxiaL]

Before you enter your SEP IRA contributions, first make sure you've entered self-employment income. This allows TurboTax to calculate the maximum amount you're allowed to contribute to your SEP IRA.

Once your self-employment income is entered:

1. In your return, type SEP IRA contributions (use the whole phrase) in the Search box.
2. Select the Jump to link at the top of the search results.
3. This will take you to the Self-Employed Retirement Plans screen.
   • If you get a message that Self-Employed Retirement Plans are only for self-employed individuals, this means that you haven't entered any self-employed income.
4. TurboTax will ask you whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP, and SIMPLE contributions.
5. Continue answering the interview questions until you get to the Your Contributions screen, where you'll be able to input your SEP IRA contributions. You can also check the Maximize box and TurboTax will calculate the maximum you can contribute to your SEP IRA based on your net self-employment income.

The amount of SEP IRA contribution is carried over to Line 16 of Schedule 1 of Form 1040. 

You don't manually enter it on Line 16 of Schedule 1.

[mlabrahams]

I have done what is suggested and it doesn't work. I spoke with a Turbo tax help representative about this 3 weeks ago and they could not solve this problem either.   Since I need to include my SEP-IRA contribution on my taxes, I don't see how I can do so. 

[DoninGA]

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@mlabrahams wrote:

I have done what is suggested and it doesn't work. I spoke with a Turbo tax help representative about this 3 weeks ago and they could not solve this problem either.   Since I need to include my SEP-IRA contribution on my taxes, I don't see how I can do so. 

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If you are using the TurboTax online editions and have already entered your self-employment income use this procedure -

Click on Tax Tools on the left side of the program screen.

Click on Tools.

Click on Topic Search.

Type in self-employed retirement. With the key words highlighted, click on GO.

[DianeW777]

If you have income from your business activity and you have calculated the amount of SEP contributions you are allowed you can enter that deduction as follows and you can use the steps provided by our awesome Tax Champ @DoninGA.

1. Sign into your TurboTax Account
2. Under Income & Expenses > Scroll to Other Business Situations > Self-Employed Retirement Plans > Start or Update
3. Continue to follow the screen prompts and enter your information
4. See the image below.

Deduction Limit for Contributions for Self-Employed:

If you contribute to your own SEP-IRA, you must make a special computation to figure your maximum deduction for these contributions. When figuring the deduction for contributions made to your own SEP-IRA, compensation is your net earnings from self-employment, which takes into account both the following deductions.

1. The deduction for the deductible part of your self-employment tax, or
2. The deduction for contributions to your own SEP-IRA. 

• See the image of the rate table below.
• For more information you can use the worksheets and information in IRS Publication 560

[mlabrahams]

I am not using the online edition. I am using the desktop (CD) version, for Mac (Catalina OS).   

What are the instructions for my situation? 

Thank you

[mlabrahams]

I can select and enter, "Maximize Contribution", and have done this both in EasyStep and in Forms method.  In neither case does this transfer to Schedule 1, line 16, in forms.   I am using the desktop.cd version, running Mac OS Catalina, if that matters. 

[DoninGA]

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@mlabrahams wrote:

I am not using the online edition. I am using the desktop (CD) version, for Mac (Catalina OS).   

What are the instructions for my situation? 

Thank you

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If you are using the TurboTax Home & Business edition you may have a separate sub-section under Business Expenses for Business Deductions and Credits and then Self-Employed Retirement Plans which takes you to entering your Keough, SEP, or SIMPLE retirement plan

I am using the Premier desktop edition so this is how I access -

• Click on Federal
• Click on Wages & Income
• Click on I'll choose what I work on
• Scroll down to Business Items
• On Business Deductions and Credits, click on the start or update button
• On Self-Employed retirement plans, click on start

[mlabrahams]

Hi.   Yes,  I have tried this in both Easy Step and Forms.  (I am using Home and Business, Mac CD version).  I can enter my SEP IRA contribution by following the steps in forms, but it doesn't show up when at the end I am back to the screen with business deductions.   (I was going to send screenshots but this is too public a forum to feel safe doing that).  And same with Forms - I can enter my contribution using the Keogh/SEP worksheet, but it doesn't show up on my taxes (in schedule 1, llne 16).  Can I really be the only person having this problem?

[DoninGA]

@mlabrahams In Forms mode open the Keogh, SEP and SIMPLE Contribution Worksheet.  Enter your SEP contribution amount on Line 4a.  The qualified amount flows to Schedule 1 Line 16 which flows to the Form 1040 Line 10a.

At least this is what happens on my Premier edition using Windows.

[mlabrahams]

DoninGA, thanks.   It didn't work by just entering my information on Line 4, but I went down to Part 3 of the form, and by using some overrides, I was able to enter the value in a place where it did transfer to Schedule 1, Line 16.   I can't believe this is how it is supposed to work - by doing overrides - but it gave me the result I needed.

Thanks!

[DoninGA]

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@mlabrahams wrote:

DoninGA, thanks.   It didn't work by just entering my information on Line 4, but I went down to Part 3 of the form, and by using some overrides, I was able to enter the value in a place where it did transfer to Schedule 1, Line 16.   I can't believe this is how it is supposed to work - by doing overrides - but it gave me the result I needed.

Thanks!

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Nice to hear that you got it working.  But no, that is definitely not how it is supposed to work.  There may be a flaw in the Mac program for the desktop editions.  I did not have a problem using the Windows edition.

[dmertz]

The fact that entering a SEP contribution does not result in it propagating to Schedule 1 suggests that you don't have any net profit from self employment on Schedule C.

[sajidini1990]

how do I enter contribution to qualified plans (defined benefit plan) on line 16 of schedule 1

[TomK2023]

To enter your Keogh, SEP, and SIMPLEC Contributions, please see this TurboTax Help FAQ for step=by-step instructions.  Note: Be sure to enter ypur self-employment income first.  

Where do I enter my SEP IRA contributions?

@sajidini1990