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We contribute to my wife's SEP IRA and take that deduction on Schedule C every year. However, I'm unable to find that option in the TT interface this year. Please advise!

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Self Employed Online

Best answer by BillM223

First, you must have already started to enter your Schedule C (business) data.

Second, you can enter "sep ira contributions" in the Search filed on the upper right. The first search result should be "jump to sep ira contributions". Click on the result and you will go directly to the first input screen for the SEP IRA.

Or you can navigate to the "Let's Gather Your Business Info" screen. Look down the screen for the subheading "Less Common Business Situations" and click on Start or Update for "Self-employed Retirement".

These instructions work for the desktop version called Home & Business. I cannot guarantee that the Online product Self Employed is laid out the same way, but looking for the jump as well as looking for less common business situations would be worth the search.

D

dmertz

Employee

Is your wife an employee of your (not her) sole proprietorship? Only SEP contributions that a sole proprietorship makes for employees to whom the sole proprietorship issues a W-2 are reportable on Schedule C. If your wife does not receive a W-2 from your business, you've been reporting her SEP contributions incorrectly

If your wife is a sole proprietor, including if your business is an unincorporated husband-and-wife business, her share of the business must be reported on a her own Schedule C and her SEP contribution must be shown on Form 1040 line 28, not on her Schedule C.

B

BillM223Answer

First, you must have already started to enter your Schedule C (business) data.

Second, you can enter "sep ira contributions" in the Search filed on the upper right. The first search result should be "jump to sep ira contributions". Click on the result and you will go directly to the first input screen for the SEP IRA.

Or you can navigate to the "Let's Gather Your Business Info" screen. Look down the screen for the subheading "Less Common Business Situations" and click on Start or Update for "Self-employed Retirement".

These instructions work for the desktop version called Home & Business. I cannot guarantee that the Online product Self Employed is laid out the same way, but looking for the jump as well as looking for less common business situations would be worth the search.

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R

rajat-goswamiAuthor

Thank you...this worked. A little surprised that it doesn't come up as part of the wizard walking me through the various screens and had to manually search for it. Thanks for your help.