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cspyon
February 7, 2025
Question

SEP-IRA on tax return form

  • February 7, 2025
  • 1 reply
  • 0 views

This is really frustrating.

For this year's tax returns, I relied on Turbotax Premium like last year, and talked to several "tax experts" (not CPA) on Turbo Tax Live help, but they didn't give me the correct answer.

 

As a self-employed man, I contributed $2000 to my SEP-IRA account last year.  

First of all, where can I find the section on SEP-IRA on Turbotax site??? 

 

Secondly, I contributed $8,000 to ROTH last year, my maximum limit. 

In addition to ROTH contribution, I can still contribute to SEP-IRA as a self-employed man, right? 

1 reply

AmyC
AmyC
Employee
February 7, 2025

1. Look under prior year tax returns. Look at your business tax return. 

Your SEP-IRA contribution goes to your broker and they send Form 5498. Your business claimed the deduction on the business tax return.

2. It depends. The IRS limits contributions to plan specifications or 100% of the employee's compensation, whichever is less.

Reference: Retirement contributions  limit

Your ROTH plus your SEP IRA must be less than or equal to your employee compensation - not total income.

Remember, the more you subtract from your business for the SEP IRA, the lower your income.

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