Hello,
I have a W-2 job, but I also earn 1099 income. I have 401k plan with my employer for my W-2 job, and I have a separate solo 401K plan that I use for my 1099 income.
For my W-2 job, I contributed the maximum allowable to my 401k plan for 2023 ($22,500).
After starting my taxes for 2023 using the Turbotax Desktop, I realized I over-contributed to my solo 401k plan by $25, and earned $3 on that while in the plan. I already filed with Fidelity the overcorrection this week which is being withdrawn.
Since I haven't filed my 2023 taxes, I just need help on how I should report the contribution and over-contribution on the Home & Business Turbotax 2023.
1) Under "Less Common Business Situations" and then "Self-Employed Retirement," do I report what I contributed to the solo 401K plan including the over-contribution or do I deduct the over-contribution from that amount in that section?
2) In the same section where the contribution amount is placed, does my contribution to the solo 401K go under "Elective Deferrals" or "Employer Matching" since I maxed out my W-2 employee 401K plan?
3) How do I report an overcontribution to my solo 401K plan I use for my 1099 work in the Turbotax Home & Business Desktop?
Appreciate any help!
Thanks!
