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Hello;
I see a posts that is commonly referred and answers it in a way that seems to me meant for a different product. I have a S-Corp and am the sole employee of my corp. I use Turbo Tax Business 2019 for reporting my taxes. I see a place to indicate the Retirement contributions made. My question is, where do i indicate the amount of profit-sharing contributions. How do i indicate the qualified and non-qualified contributions i made for myself during the year in Turbotax Business 2019.
You enter your qualified contributions for profit sharing plans under the deductions- Retirement plan contributions. Non qualified contributions are not deductible on the 1120S. You also need to annually file a Form 5500, which TurboTax Business does not support.
@andeepbidare
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