Why can't I enter my i401k employee contribution for my S-Corp?

[kylemwhite]

I am the 100% owner of an S-Corp. I have entered my W2 and K-1. I made an EMPLOYEE contribution of 18k (the max) which I understand is deductible. 

1. I think the correct place to enter my contribution is Wages & Income > Business Items >Business Deductions and Credits > Self-employed retirement plans. Is this correct?

2. When I click the Update button for Self-employed retirement plans, I see the message, "Self-Employed Retirement Plans are only for self-employed individuals (i.e., those filing Schedules C, F, or K-1)" with no options to enter anything. Well, I AM filing a K-1 and I've already entered it, so why can't I enter my employee contribution? Or, if I am supposed to enter it somewhere else, where is that?

[dmertz · Accepted solution]

Except with respect to a self-employed health insurance deduction, you are not self-employed.  The deduction for the 401(k) contributions made by your S corp to your 401(k) account is reportable on your S corp's tax return, not your personal tax return.  The only thing regarding your 401(k) that is entered into TurboTax for your personal tax return is to enter into box 12 of TurboTax's W-2 form any entries in box 12 of the W-2 issued to you by the S corp.

[kylemwhite]

I see now. The 18K was supposed to be in Box 12, code D. So, I modified my W2 and put the 18K in box 12 with code D and subtracted the same amount from Box 1 (but NOT boxes 3 or 5). It looks like TT is happy and I got my deduction. Thanks.