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VAnnH
New Member

I own my own company (LLC). I have no employees. I just opened a solo 401K and do not have a W2. Where do I input my contributions with turbotax?

Do I need to set up a payroll and give myself a W2 to do this?
3 Replies
VAnnH
New Member

I own my own company (LLC). I have no employees. I just opened a solo 401K and do not have a W2. Where do I input my contributions with turbotax?

I found it. It was under Income & Expenses -> Other Business Situations -> Self-Employed Retirement Plans. 🙂

Opus 17
Level 15

I own my own company (LLC). I have no employees. I just opened a solo 401K and do not have a W2. Where do I input my contributions with turbotax?

@VAnnH 

Great. Just to note, if you are a sole proprietorship, you are treated as a disregarded entity and you can’t pay yourself on a W-2, it’s simply not allowed.  To pay yourself on a W-2, you would first have to register as an LLC, and then send the IRS a form to elect to be taxed as an S corporation. All shareholders of an S corporation must be employees first and receive a W-2 if they perform material services for the corporation. However, forming yourself into an S corporation has a lot of complicated ups and downs and you should never do that without professional advice.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
VAnnH
New Member

I own my own company (LLC). I have no employees. I just opened a solo 401K and do not have a W2. Where do I input my contributions with turbotax?

Thanks for the info Opus 17!

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