I have TurboTax Home & Buisness and do not see a menu item to enter my 401k contributions. I have a single member llc taxed as a passthrough, so schedule C income. This is my first year sponsering a 401k. Since I have employees the 401k is a regular 401k. The only instructions I find in Turbotax are for entering contributionsfor a "solo 401k" which I beleive is different from a regular 401k.
Any insight is appraciated.
Thank you!
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two ways
1) type keogh in the jump to box. highlight the worksheet then click on open form. scroll down to enter 401(k) or
in step-by step in the business deductions & credits section go down to self-employed retirement plans and click on start or update.
note employer contributions for employees go on schedule C.
two ways
1) type keogh in the jump to box. highlight the worksheet then click on open form. scroll down to enter 401(k) or
in step-by step in the business deductions & credits section go down to self-employed retirement plans and click on start or update.
note employer contributions for employees go on schedule C.
That was super easy thank you!
The TurboTax step-by-step wording and documentation is confusing because it is labeled individual 401(k) and when I click on the Learn More link it indicates this individual 401(k) section is for "owner-only businesses that do not have full time employees." That same link goes on to indicate the Roth 401(k) is for businesses with employees but does not indicate where to enter non-Roth contributions for the self-employed who also have full time employees.
Thank you for clarifying.
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