Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Almost done with my taxes on TurboTax. I have successfully entered a SEP IRA contribution that I am making for 2020. When I get to the review section, it is asking me to check the entry. The form shows my SEP IRA contribution in the line "Total from the Keogh, SEP and SIMPLE Contribution Worksheet for the owner of this trade or business" but the next box is highlighted for the line "Enter the amount, if any, attributable to this trade or business only". I'm unsure what to enter here. The full amount? I'm self employed with no employees. To further complicate things, the top of this screen says "Keogh SEP contribution must of entered. Keogh SEP contribution:_______."
Yes, all of it. If you didn't have this business income you couldn't make any contribution to the SEP. Turbotax probably wants to know how much to subtract from your Qualified Business Income for your QBI deduction (just a guess).