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Member II

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

 
1 ACCEPTED SOLUTION

Accepted Solutions
Tax Expert

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

  • Sign into your account and select the 'Take me to my return' button
  • Select Tax Tools, Tools, Topic Search
  • Type 'self-employed retirement', then select GO

Answer yes to the question, 'Did you contribute to an Individual or Roth 401k plan', then continue to enter the details.

4 Comments
Tax Expert

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

  • Sign into your account and select the 'Take me to my return' button
  • Select Tax Tools, Tools, Topic Search
  • Type 'self-employed retirement', then select GO

Answer yes to the question, 'Did you contribute to an Individual or Roth 401k plan', then continue to enter the details.

Visitor IV

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

Given my net earnings from self employment, will TurboTax calculate the maximum I could contribute to a solo 401k? There are many calculators that do it, and I was wondering of TT has such a built-in calculator.

Thanks.

Highlighted
Tax Expert

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

Yes, @dyons when preparing your return using TurboTax Self-Employed, you can check the box to allow TurboTax to calculate your maximum 401(k) contribution. 

 

Individual 401(k) plans for the self-employed (also called solo 401k or solo-K plans) are entered in the Other Business Situations section of Income & Expenses in TurboTax. You can quickly jump to this section while preparing your return if you click on the search box at the top right of the page and type "self employed 401k" then click on the first result, which is jump to self employed 401k. As you work through this section, you will see a page titled, "Individual and Roth 401(k) plans" click on the box to "maximize contributions to 401(k)" and continue to have TurboTax calculate it for you. (See pic below.)

 

For more information, take a look at: Can the Self-Employed Have a 401(k)?

 

 

 

Tax Expert

I am using Turbo Tax Self Employed. Where do I enter my individual 401k contributions?

Yes, @dyons when preparing your return using TurboTax Self-Employed, you can check the box to allow TurboTax to calculate your maximum 401(k) contribution. 

 

Individual 401(k) plans for the self-employed (also called solo 401k or solo-K plans) are entered in the Other Business Situations section of Income & Expenses in TurboTax. You can quickly jump to this section while preparing your return if you click on the search box at the top right of the page and type "self employed 401k" then click on the first result, which is jump to self employed 401k. As you work through this section, you will see a page titled, "Individual and Roth 401(k) plans" click on the box to "maximize contributions to 401(k)" and continue to have TurboTax calculate it for you. (See pic below.)

 

For more information, take a look at: Can the Self-Employed Have a 401(k)?

 

 

 

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