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How to enter 401K Contributions in Business program
For self-employed S-corp (no other employees) I received $30,000 in wages, of which $25,000 was contributed to 401K as employee contribution. In the Business program, for salaries/wages do I enter $30,00 or $5,000 ? W-2 Box 1 is $5,000.
Also, for retirement plan contributions, the PC employer contribution to 401K was $5,000. For that question I assume I enter $5,000, not $30,000 (which is total of both employer and employee contributions).
Thank you !
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April 13, 2020
11:01 PM
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Deductions & credits
$5,000 was contributed by the company. Follow these steps:
- Under Your Deductions
- Under Compensation and Benefits
- Select Retirement plan contributions, click Start
- See Any retirement Plan for Shareholders?
- Select Already contributed to a retirement plan for 2019
- drop down appears, enter $5,000
- Continue
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April 14, 2020
12:22 PM
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Deductions & credits
Hi, that's what I had done but wanted to confirm. Thanks much Amy !
April 17, 2020
3:26 PM