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Entering Keogh, SEP, and Simple Plan contributions in ProSeries

SOLVEDby Intuit10Updated 1 month ago

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.

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