How do I enter my own Self-Employed Contributions both as Employer and Employee to a Solo 401(k)?
When you have a solo 401(k), you have the benefit of contributing both as the employer and the employee. Each contribution has its own limitations.
In the SEP plan box, we help calculate the employer contribution limitation. These are always limited to 25% of the total compensation (after deducting one-half of your self-employment tax and contributions for yourself) up to the maximum for the year.
In the elective employee contributions boxes, enter contributions made as an employee.
In the SEP plan box, we help calculate the employer contribution limitation. These are always limited to 25% of the total compensation (after deducting one-half of your self-employment tax and contributions for yourself) up to the maximum for the year.
In the elective employee contributions boxes, enter contributions made as an employee.
