Follow these steps to enter or change a plan contribution rate for SEP, SIMPLE or qualified plans:
- Go to Screen 24, Adjustments to Income.
- Scroll to the SEP, SIMPLE, Qualified Plans section.
- Enter the applicable fields to indicate the maximum:
- Profit-sharing (25%/1.25) (1=maximum)
- Money purchase (25%/1.25) (1=maximum)
- Defined benefit (no limitations)
- Self-Employed SEP (25%/1.25) (1=maximum)
Enter the desired rate in the Plan Contribution rate (.xxxx) [O] field.
Please refer to this resource for information about each input.