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AGI Reduction

where do I put my 401k contributions, trad IRA, and Roth IRA when filing with a 1099 so that my AGI can be reduced? What forms  do I need? 

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3 Replies
evelynm
Employee Tax Expert

AGI Reduction

Your 401K contributions are typically reported from your Wages form W-2 box 12a code D.   

If you have an IRA or ROTH IRA here is how to enter it in Turbo Tax:

 

How to enter IRA/Roth IRA in TurboTax 

 

You may be able to open several types of IRAs depending on your situation. The most common IRAs are traditional IRAs and Roth IRAs.

 

You mentioned your AGI regarding 1099 - assuming you have 1099 income from self-employment - You may need to enter Simplified Employee Pension (SEP) IRA contributions made through self-employment work.   That will be based on your self-employment income.   Your AGI includes your net self-employment income.    Your AGI will depend on the net income - which can fluctuate (be reduced) depending on your income and expenses each year.

 

 How to enter SEP IRA contributions 

 

If you’re self-employed or run a small business, you may be able to set up other types of retirement accounts. Some examples include solo 401(k) plans and SEP IRAs.

 

Retirement plan options

Have an amazing day. Evelyn M (CPA 20+ years)
I would love a thumbs up 🙂 + Mark the post that answers your question by clicking on "Mark as Best Answer"

AGI Reduction

There is no box 12  code D on a 1099... I have a individual trad 401k not a sepIRA.... so you are saying that I could put my contributions where?

AGI Reduction

Where to enter Self Employed solo 401K plans

https://ttlc.intuit.com/questions/1901283-where-do-i-enter-my-401-k-or-thrift-savings-plan-tsp-contr...

 

You can contribute to a 401K up to the amount of your Net Profit reduced by 1/2 of the SE tax OR to the max contribution allowed for a 401k whichever is Less.

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