For self employed, is there a way to track my SEP contributions in QB so that the tax estimator could take this into consideration when calculating my quarterly taxes?

Thanks for getting back to us, @hsuan-han. I recognize how vital it is to maintain accurate financial records, especially for maximizing your tax benefits. I’m here to help you through this process.

Since the SEP IRA contribution is reported on line 28 of Form 1040 (long form) rather than on Schedule C, the option to categorize it in QuickBooks Self-Employed (QBSE) is currently unavailable.

You’ll need to manually mark it as a personal expense or transaction, ensuring it’s accounted for when completing your Form 1040. Before you proceed, I recommend consulting your accountant to confirm everything is correctly filled out. If you don’t have one, you can find an expert here.

Then, you can follow these steps to categorize the transaction:

1. Navigate to the Transactions menu.
2. Look for the transaction on the list.
3. Find a transaction on the list.
4. Select Personal for personal and pick the appropriate category.
5. Enter the other necessary info.
6. Once you're finished, hit Save.

For further information on Schedule C categories, check out this article: Schedule C and expense categories in QuickBooks Solopreneur and QuickBooks Self-Employed.

It's essential to have these contributions accurately reflected, so you don’t end up overestimating your tax liabilities. If you have any additional questions about categorizing your transactions, just shoot them my way. Wishing you a smooth and successful tax season!