I using Turbo Tax Home and Business Windows desktop version, and I have a question about form 1040 schedule 1 line 16 worksheet data entry. I navigate to the the following section:
-- Business
-- Business Income and Expense
-- Continue button
-- Click "I'll choose what I work on" button
-- Self-employed Retirement screen , click (Start/Update) button
-- Self-employed Retirement Plans screen, click Yes button
-- Individual and Roth 401(k) plans screen,
-- I entered individual 401(k) Elective Deferrals
-- I entered Catch-up Contributions
-- I entered Employer Matching (Profit Sharing) Contributions
-- Click Continue button
-- Adjusting Self-Employment Income screen, click Continue button
-- Keogh, SEP, and SIMPLE Contributions screen, Select <my name> radio button, click Yes
-- Keogh, SEP, and SIMPLE Plans screen, click Continue
-- Jay's Contributions screen, click Continue
-- Your Retirement Contributions screen, click Continue
-- Retirement Contribution Allocation screen
On this screen there is the following information/prompt:
"Enter the amount or your $nn,nnn.nn Keogh, SEP, 401(k) plan contribution deduction attributable to <my business name>."
I'm prompted to enter:
"Amount of Contribution Attributed to This Business" <with a edit field to enter the value>
I'm not sure what value I should enter here, and the Turbo Tax help, community discussions, and IRS publication 535 does not help me determine the proper entry.
I think I should total amount including all the previously entered values entered before (below for reference)
-- Entered individual 401(k) Elective Deferrals
-- Entered Catch-up Contributions
-- Entered Employer Matching (Profit Sharing) Contributions
since all contributions are from my business, and there is no contributions from other sources/businesses contributing to the 401(k) since none exist.
I would appreciate your help to determine what the proper amount to enter in this screen is.
Thanks, Jay
