turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Has anyone reported the NJ tax problem where Turbo Tax does NOT deduct the amount contributed to a solo 401K when reporting business profit on line 1 of form NJ-BUS-1?

It appears that Turbo Tax is not computing the NJ taxes correctly. Because I am self employed and need to fill out the NJ-BUS-1 form. The instructions for schedule NJ-BUS-1 on page 17 of the NJ 1040 instructions states to “Make the following adjustments to your federal Schedule C”, with item 5 stating “Deduct your qualified contributions to a self-employed 401(k) Plan. Contributions that exceeded the federal limits are not deductible for New Jersey purposes”.  
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies