Upon review, there is an issue with the software that I am reporting to our tech team. There is a workaround though so you can continue filing your returns. In TurboTax Home & Business you can follow these steps to get your SEP contributions to be reported on your returns: Within your return use the Forms icon in the upper right of the screen to switch to Forms mode Scroll down to the Keogh/SEP Wks and select it On the form in the preview pane, scroll down and make sure the box on line 4d is marked for the taxpayer or spouse (whoever is making the contribution) Scroll down again to Part II line 1b and enter the amount shown on line 31 of your Schedule C The steps in Part III of the worksheet will populate and you can review Schedule 1 by selecting it from the menu at the left, line 16 will be populated now@hansonpjt

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SEP Contribution

Forum|Forum|3 years ago
March 13, 2023
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Best answer by AliciaP1

Upon review, there is an issue with the software that I am reporting to our tech team. There is a workaround though so you can continue filing your returns.

In TurboTax Home & Business you can follow these steps to get your SEP contributions to be reported on your returns:

Within your return use the Forms icon in the upper right of the screen to switch to Forms mode
Scroll down to the Keogh/SEP Wks and select it
On the form in the preview pane, scroll down and make sure the box on line 4d is marked for the taxpayer or spouse (whoever is making the contribution)
Scroll down again to Part II line 1b and enter the amount shown on line 31 of your Schedule C
The steps in Part III of the worksheet will populate and you can review Schedule 1 by selecting it from the menu at the left, line 16 will be populated now

@hansonpjt

H

hansonpjtAuthor

Even though I enter the SEP contribution in turbo tax the amount is not utilized in the calculation of the adjusted taxable income. Any suggestions?

AliciaP1

You need to check the net income of your business the SEP contribution is attached to. It cannot create a loss (or increase an already calculated loss) to apply to your income. It is likely that your business is already reporting a loss or $0 net income.

@hansonpjt

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H

hansonpjtAuthor

There is a profit from the business. For some reason the deduction isn't showing up on Schedule 1. Could this be a software problem?

AliciaP1Answer

Upon review, there is an issue with the software that I am reporting to our tech team. There is a workaround though so you can continue filing your returns.

In TurboTax Home & Business you can follow these steps to get your SEP contributions to be reported on your returns:

Within your return use the Forms icon in the upper right of the screen to switch to Forms mode
Scroll down to the Keogh/SEP Wks and select it
On the form in the preview pane, scroll down and make sure the box on line 4d is marked for the taxpayer or spouse (whoever is making the contribution)
Scroll down again to Part II line 1b and enter the amount shown on line 31 of your Schedule C
The steps in Part III of the worksheet will populate and you can review Schedule 1 by selecting it from the menu at the left, line 16 will be populated now

@hansonpjt

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

H

hansonpjtAuthor

Thank you for this information. The deduction is now showing up.

J

jmwooldridge

Turbotax seems to have this bug every year. It never asks for my SEP contribution after finishing my business income and expenses. This would see a simple fix, and every year I have to search for the proper place and call it up. I always make a contribution during the year, and another at tax time. If I forget to look for the form, this will cost me a lot of money.

This year I can't find how to enter a Keogh/SEP amount. I can't afford to figure out the calculations myself. Any suggestions for how I can get Turbotax to calculate the allowable amount, as I've done for the last 15 years?

J

jmwooldridge

I figured out how to do this. You have to look at all forms, not just the ones currently used in your return. Click on the "Open Forms" icon when you go into forms mode. Search for "Keogh" in the search box and that will bring up the correct form. For me, I found the SEP box and chose "Check here to compute the maximum deductible contribution." This automatically fills out the form.