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February 21, 2025
Solved

I entered my SEP IRA contribution information, but it didn't get deducted from my 1099 taxable income information. How do I fix it to reflect deduction?

  • February 21, 2025
  • 1 reply
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In short, I entered my SEP IRA contribution info, but it does not seem like I got any tax deduction/benefit. How do I correct this to get correct deduction?
    Best answer by dmertz

    Check the deductible amount shown at the bottom of TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.  If TurboTax show $0 there, TurboTax has determined that the SEP contribution is not permitted, generally because your Schedule C does not show any profit from self-employment.

    1 reply

    dmertzAnswer
    Employee
    February 21, 2025

    Check the deductible amount shown at the bottom of TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.  If TurboTax show $0 there, TurboTax has determined that the SEP contribution is not permitted, generally because your Schedule C does not show any profit from self-employment.