Where do i enter taxpayers sep contribution on his 1040?

Forum|Forum|4 years ago
October 9, 2021
4 replies
17 views

He received form 5498

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Line 15 of the 1040/1040SR Worksheet

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T

TaxGuyBill

Level 15

Make sure you ask if the SEP contribution was FOR 2020. Just because it shows up on a 5498 doesn't necessarily mean it was for 2020.

Just-Lisa-Now-

Intuit Community Champion

Bills right, even if it says 2020 on it, make sure they didnt use the contribution on the 2019 return. A SEP contribution made in 2020 could have already be used for 2019.

My SEP contribution I made in 2021 will be used on my 2020 return.

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PATAX

Level 12

Also if the taxpayer did not contribute the maximum sep contribution and the taxpayer has an extension, then taxpayer has until October 15th to make the maximum contribution to the sep if he wants to... There is a worksheet and all you have to do is check the box and the software will compute maximum sep contribution and it will flow to the correct line...just my opinion...

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