Where in the "step by step" can one calculate and then enter the maximum allowable SEP-IRA contribution in Turbotax Home and Business 2023 (download)?

Forum|Forum|2 years ago
March 18, 2024
1 reply
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Note: the answer provided elsewhere does not seem to work with the home and business download: https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-sep-ira-contributions/L836N7UBl_US_en_US?uid=ltwfaaoe

TurboTax Online

Best answer by AnnetteB6

Using TurboTax Home and Business:

Go to the Business tab at the top of the screen, click Continue and then I'll choose what I work on
Scroll down to Less Common Business Situations
Click Start or Update beside Self-employed Retirement to get started

AnnetteB6Answer

Using TurboTax Home and Business:

Go to the Business tab at the top of the screen, click Continue and then I'll choose what I work on
Scroll down to Less Common Business Situations
Click Start or Update beside Self-employed Retirement to get started

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TAXRETURNSFILERAuthor

Thanks so much! I tried what you suggested and it worked perfectly. One follow-up question: After calculating and entering the maximum amount allowable for a traditional SEP-IRA, how can one reduce the contribution later? I tried but the "step by step" would not let me back into the traditional SEP-IRA section anymore. The only way I found I could do it was to go into the corresponding "form" and do a manual override. Is there a way to get back into the traditional SEP-IRA question in the step-by step? Thanks again.

TomK2023

Have you tried...

Enter SEP IRA Contribution:

Open your return.
Enter sep ira contributions in the Search box.
Click on jump to sep ira contributions link.
Proceed thru the interview screens.

Or Business tab > Business Income and Expenses > I'll choose what I work on > Less Common Business Solutions > Self-employed Retirement > Update

@TAXRETURNSFILER

[Edited 3/18/24 | 3:59pm PST]

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