I'm finding information that it's possible to do a nondeductible contribution to an individual 401k. (This is true, right?) How do I enter that in TT? I see that for a traditional IRA contribution it asks at the end if I want to make it nondeductible, but I don't see such a question in the individual 401k.
I'm not sure there is anything for TT to do. I think the plan custodian will track that and only deductible contributions will be removed from your W2 box 1. What does your W2 box 12 code D include? Does it only include the deductible portion or all of your 401k contribution?
Some else might know more about it. I'm not sure, but that's my guess.
I'm not talking about the 401k that's administered by your employer. I'm talking about the individual 401k for self-employed.
@mark381 wrote:
I'm not talking about the 401k that's administered by your employer. I'm talking about the individual 401k for self-employed.
Using the TurboTax Self-Employed online edition -
Click on Tax Tools on the left side of the program screen. Click on Tools. Click on Topic Search. Type in self-employed retirement. With the key words highlighted, click on GO.