Hi,
I started my S-Corp LLC last year (2024) and contributed towards a solo 401-k. This is captured correctly in W2 and payroll. I am filing my taxes with Turbotax Business. When I try to enter the deductions section, I see 2 sections:
- Salaries and wages paid - Here I entered the wages (box 1) reported in W2, which does not include employee retirement contributions
- Retirement Plan Contributions - Here I entered the total employer retirement contributions (sep-ira + solo 401k) amount.
I see no other sections where I can capture the employee retirement contributions. This makes my balance sheet report incorrect higher income amount even though my actuals are lower. How do I enter this amount correctly for tax filing?