1274848
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.

sweetyo67
Returning Member

I am a small business owner. I have a 401K for myself and my employees. Where do I enter my own deferrals? Additionally, does turbo tax calculate my "match"

 
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.

1 Reply
Irene2805
Expert Alumni

I am a small business owner. I have a 401K for myself and my employees. Where do I enter my own deferrals? Additionally, does turbo tax calculate my "match"

According to IRS Pub. 560 - Retirement Plans for Small Business:

Sole proprietors deduct contributions for themselves on Schedule 1, line 15 of Form 1040.  

 

To do this in TurboTax Home & Business, please follow these steps:

  1. On the Business Income & Expenses screen, scroll down to the Less Common Business Situations section and click on the Start/Update box next to Self-Employed Retirement Plans. 
  2. On the Self-Employed Retirement screen, click Yes.
  3. Click Yes on the next screen, also titled Self-Employed Retirement Plans.
  4. Enter the contribution on the screen, Individual and Roth 401(k) Plans, in the elective deferrals box. 

In TurboTax Self-Employed (online)

  1. Click on Wages & Income and scroll down to Other Business Situations.
  2. Click the Start/Revisit box next to Self-Employed Retirement Plans.
  3. On the screen, Self-Employed Retirement Plans click the Yes box.
  4. Enter your contribution on the next screen.

.

Contributions you make for your employees are deducted on Schedule C. 

You can enter them as employee pension plan expenses in TurboTax using these steps:

  1. Go into your business return.
  2. On the Here's your [XX] info screen, click the Add expenses box.
  3. On the Tell us about any expenses screen, under Less Common Expenses, click the radio button next to Employee pension plan, then click Continue at the bottom of the screen.
  4. Enter your contributions to your employees' retirement account on the next screen,  Let's enter the employee pension plan expenses for your [XX] work.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question