If you have no employees, follow the instructions below to enter the total of employer and employee contributions. These steps record the contributions under Business Deductions & Credits and the program transfers the expense to Schedule C Line 19.
To enter your self-employed retirement in TurboTax Online:
- Open your return and go to Tax Tools in the left column.
- Choose Tools >> Topic search, then enter self-employed retirement. Click the topic then Go.
(In TurboTax for Desktop, use the Search box in the upper righthand corner.)
- Follow the interview to report your total 401K contributions (employer plus employee).
If you have employees, the employees' contributions are included in W-2 wages. The employer's contributions are deducted as a business expense under Less Common Expenses / All Other Expenses >> Employee Pension plan / Pension Plan Contributions.
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