Do i enter my sep-ira in the business section under less common business situations, business credits, self-employment retiremnt. I did this and then it asks me if this amount is attibuted to my llc. do i say yes or not but then when i go to the personal part of turbo tax and go to deductions there is a part for retirment and investments. which section do i put mine in. I am 1099 and have an llc i do business under

what about for my insuarance premiums and other medical costs. Do i put them in the business or personal section of turbo tax

Also is a sep-ira a traditional roth or not?

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Posted by LSURussian

Member since Feb 2005

126962 posts

Posted on 4/13/10 at 8:18 pm to oilmanNO

When I was entering my data using TurboTax, it asked me specifically if I had a SEP. When I answered yes it gave me the option of telling it how much I contributed or if I wanted TT to determine the maximum I could contribute and use that amount as my contribution amount. I don't remember specifically which section I was in when it asked the questions.
Also I was asked if I paid medical insurance premiums. There was no guessing where to enter that data. It was asked.

I use TurboTax Home and Business Edition. Is that what you're using?

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Posted by oilmanNO

Member since Oct 2009

2844 posts

Posted on 4/13/10 at 8:20 pm to LSURussian

Yes same edition but it asks the question in both sections. just dont know which one to put it in or if i should put it in both

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Posted by LSURussian

Member since Feb 2005

126962 posts

Posted on 4/13/10 at 8:28 pm to oilmanNO

I think if you answer the question in one section, it won't ask you the same question a second time. But I could be wrong about that.

I know I only had to answer the questions about a SEP/IRA once.

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