Let me share some insights about categorizing the SEP-IRA contribution in QuickBooks Self-Employed (QBSE), bjkocsis.
The option to track SEP-IRA and other retirement contributions is unavailable in QuickBooks Self-employed. The SEP-IRA will only reduce taxes for employers but not for individuals. We recommend consulting your accountant or tax professional to accurately report and claim deductions for retirement contributions such as SEP-IRA on your tax return (Form 1040).
Also, there's no specific category for retirement following the list provided by the Internal Revenue Service (IRS) for Schedule C. QuickBooks Self-Employed has different Schedule C and expense categories aligned with the IRS. For proper tracking of this contribution, please consult your tax professional for further assistance with the process to ensure everything is on the correct line. Moreover, you can review the different categories and their descriptions through these articles:
If you have any further questions about tracking retirement contributions, such as SEP-IRA, within QBSE, just add them to the thread. I'll be glad to provide additional assistance or clarification on this topic.
