2025年2月13日 · There is a box to check when you enter your Form 1099 to indicate that it is an IRA/SEP/SIMPLE. In addition, after you finish entering the form, the program will ask you if it was an IRA/SEP/SIMPLE. So, when you enter your Form 1099-R, check the box, and answer Yes.

2020年3月24日 · To calculate your maximum SEP IRA contribution allowed for a Schedule C business, multiply your net Schedule C income by 92.35%.

2025年2月26日 · When you enter your Form 1099-R, you mark the IRA/SEP/SIMPLE box since the IRA/SEP/SIMPLE box is checked on your Form. You're not going to actually see the box on your tax return. Refer to the TurboTax Help article Where do I enter my 1099-R? [Edited 2/28/25|12:30pm PST] @rbnsrbn

2023年4月16日 · Not really. Line 28 is for self-employed retirement *contributions* to various types of retirement accounts, only some types of which are IRAs, while a Form 1099-R with the IRA/SEP/SIMPLE box marked indicates a *distribution* from an IRA.

2020年2月19日 · Yes, you are eligible to contribute to a SEP IRA on your 1099-MISC income as this income is self-employed income. You are self-employed and are a sole proprietor. You do not need to have a legal entity such as an LLC.

2022年3月21日 · Double check Box 7 and the IRA box on your 1099-R. How will this impact my return? The distribution codes and IRA box describe the type of distribution. The program relies on these codes to make correct calculations. The distribution codes are found in box 7 of Form 1099-R. The IRA/SEP/SIMPLE box is usually located right next to box 7.

If your employer made a SEP IRA contribution for you, then you don’t need to enter it on your return. (While you could contribute more to an employer-sponsored SEP IRA, TurboTax doesn’t support these contributions.) Note: Before you enter your SEP IRA contributions, make sure you've entered your self-employed income. This lets us calculate ...

2025年2月7日 · The Form 1099-R is required to have the same amount in box 2a as is in box 1 and have the IRA/SEP/SIMPLE box marked, and is required to be entered into TurboTax as received. The taxable and nontaxable portions of the distribution are required to be calculated on Form 8606, which TurboTax will prepare given the information that BillM223 ...

The codes in Box 7 of your Form 1099-R indicate the type of distribution you received. We'll use these codes and your answers to some interview questions to help us determine if your distribution is taxable or subject to an early withdrawal penalty.

2020年2月25日 · On your 1099-R the "IRA" is referring to a Traditional IRA. A SIMPLE IRA is an employer-sponsored retirement plan offered within small businesses that have 100 or fewer employees. SIMPLE is an acronym for savings incentive match for employees.