When you as the self employed business owner contribute to a solo 401k, the income of the business should reduce by what you contribute. When I use the self employed 401k section there is an employer contribution option but it does not reduce self employment taxes. Perhaps there is an error, but taxes are only being reducted by about 9% when I enter a contribution ammount, and I would expect 30% based on the tax rate of the business.
This article does not seemt to provide an option that is currently avaliable.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-401-k-thrift-s...
This tutorial does not work out as described either.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/self-employed/enter-solo-401-k-turbotax/...
