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

Forum|Forum|4 years ago
January 29, 2022
14 replies
92 views

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

Level 10

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:

In your return, type SEP IRA contributions (use the whole phrase) in the Search box.
Select the Jump to link at the top of the search results.
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.
TurboTax will ask you whether you contributed to different types of retirement plans. Select Yes to Keogh, SEP, and SIMPLE contributions.
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.

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mlabrahamsAuthor

Level 2

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

Level 15

@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.

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.