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Level 2

Question

Previous year SEP IRA

Forum|Forum|2 years ago
January 8, 2024
2 replies
0 views

I contributed to a SEP IRA for 2022 in 2023, Where do I input this on TurboTax business so it does not affect my balance sheet in 2023?

TurboTax Business Windows

Level 15

I'll page @dmertz

Level 2

Can anyone else help me?

Level 15

This question has been addressed before somewhere in this forum but I don't recall the answer, so I can't be of much help. It seems like a 2023 expense.

Level 15

This might be the post I'm remembering:

https://ttlc.intuit.com/community/business-taxes/discussion/how-are-sep-contributions-reported-for-a-s-corporation-what-is-shown-on-the-1120s-form-what-is-shown/00/743194

Level 15

What does work if I input the previous year's SEP contribution to the "other permanent items (expenses) inn the "Per Books" column. Should I just leave it there?

Yes, you can report that activity under Permanent Differences per books.

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