Where do I enter my self-employed elective deferral or solo 401(k) contributions?
Menu Path: Deductions/Credits > Common Deductions/Credits > SEP Contributions
Contributions made to your traditional solo 401(k) should be entered by going to Deductions/Credits > SEP Contributions and then answering Yes where the software asks if contributions were made to a self-employed qualified retirement plan (Keogh, SIMPLE, SEP, or solo 401(k)).
You will need to calculate the appropriate amount of deductible employer contributions and enter them in the field provided for "employer contributions to an SEP retirement plan." The deduction will be reported on Schedule 1, Line 16 of your federal tax return.
You can review Chapter 5 of IRS Publication 560 to see a worksheet that helps you calculate the appropriate amount.
Contributions made to your traditional solo 401(k) should be entered by going to Deductions/Credits > SEP Contributions and then answering Yes where the software asks if contributions were made to a self-employed qualified retirement plan (Keogh, SIMPLE, SEP, or solo 401(k)).
You will need to calculate the appropriate amount of deductible employer contributions and enter them in the field provided for "employer contributions to an SEP retirement plan." The deduction will be reported on Schedule 1, Line 16 of your federal tax return.
You can review Chapter 5 of IRS Publication 560 to see a worksheet that helps you calculate the appropriate amount.
