Hi Alicia,
Could you Please confirm this is still the case after recent security act 2 clarity:
“Under the SECURE Act 2.0, the employer Roth 401(k) do not affect your personal taxes, which is what this screen is for. You need to enter the employer contribution as an expense within your business expenses to get the business deduction you are allowed now. Don't forget that employer Roth 401(k) contributions result in taxable income when distributed, even though it comes from a Roth 401(k).
To enter the employer match contribution amount in TurboTax Home & Business you can follow these steps:
- Within your tax return under the Businesstab click Continue and I'll choose what I work on
- Click Update for Business Income and Expenses
- Click Edit for the business the contribution is for
- Enter the contribution amount as Other Miscellaneous Expenses under Other Common Business Expenses”.
