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bevodive
New Member

Where do I enter Profit Sharing Keogh information?

 
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5 Replies

Where do I enter Profit Sharing Keogh information?

Did you contribute, or take money out?
bevodive
New Member

Where do I enter Profit Sharing Keogh information?

Contributed.  It's not giving me any option for Self Employed Retirement Plans, just IRA.  So frustrated.
ErinH
Intuit Alumni

Where do I enter Profit Sharing Keogh information?

Please follow these instructions:

  1. Select Federal on the left side
  2. The program should take you to Income and Expenses. If not, select Income and Expenses at the top of the screen
  3. Scroll down to Other Business Situations. Select the blue drop down to see all of your options
  4. Select Start next to Self Employed Retirement Plans
  5. When asked Did you make a 2017 self-employed retirement plan contribution? Select Yes
  6. When asked Did you contribute to an Individual or Roth 401(k) plan? Select No
  7. When asked Do you want to make a contribution to a Keogh, SEP or SIMPLE retirement plan for 2017? Select Yes
  8. Complete your entries next to Profit Sharing Keogh

I've attached screen shots below of each screen you should see throughout the process.

Where do I enter Profit Sharing Keogh information?

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. 

MaryK4
Expert Alumni

Where do I enter Profit Sharing Keogh information?

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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