Hi there, Michelle.
The option to track SEP-IRA and other retirement contributions is unavailable in Quickbooks self-employed (QBSE). Please note that SEP-IRA will only reduce taxes for employers but not for individuals.
I'd recommend consulting a qualified accountant or tax professional to accurately report and claim deductions for retirement contributions such as SEP-IRA on your individual tax return (Form 1040). They can guide you through the proper procedures and documentation required to deduct these contributions.
In addition, you can invite an accountant to review your books in QBSE. This lets them review your books and make corrections as needed. It also makes it easier for you to collaborate, especially during tax season.
Additionally, when you categorize transactions in (QBSE), the software automatically maps those transactions to the corresponding lines on your Schedule C tax form. To better understand how these expense categories are reflected in your financial reports, you can refer to this guide: Schedule C and expense categories in QuickBooks Solopreneur and QBSE.
If you have any further questions about tracking retirement contributions, such as SEP-IRA, within QuickBooks Self-Employed, just add them to the thread. I'll be glad to provide additional assistance or clarification on this topic. Wishing you a wonderful rest of your day.
