ProConnect HelpIntuit HelpIntuit

Entering Keogh, SEP, and Simple Plan contributions in ProSeries

SOLVEDby Intuit13Updated July 14, 2022

This article will show you how to enter contributions to Keogh, SEP, and Simple Plans in ProSeries Basic and ProSeries Professional.

Follow these steps to enter a Keogh, SEP, or Simple contribution:

  1. Open the client return.
  2. Open the Keogh/SEP/SIMPLE Contribution Worksheet.
  3. Enter the amount of the contribution on the line for the relevant plan.

The total maximum deduction will be calculated on Part V of the Keogh/SEP/SIMPLE Contribution Worksheet, and then the deduction will flow to Schedule 1, line 15.

Enter elective deferrals to an individual 401(K) on the Keogh/SEP/SIMPLE Worksheet, Part I, Lines 6 a-e, or select the check-box on 6(f) to calculate the maximum amount. The amount flows to Schedule 1, line 16. For more information, refer to IRS Pub. 560.

From the Tax Help for Line 9 of the Wages, Salaries, & Tips Worksheet:

"Enter other earned income received, such as excess salary deferrals, or earned income for which no Form W-2 was received."

To open the Wages, Salaries, & Tips Worksheet:

  1. Press F6 on your keyboard to bring up Open Forms.
  2. Type in "WA" and press Enter to open the Wages, Salaries, & Tips Worksheet.

Amounts entered on line 9 of the Wages, Salaries, & Tips Worksheet will be reported on Form 1040, line 1.

Was this helpful?

You must sign in to vote, reply, or post
ProSeries BasicProSeries Professional

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.