Business & farm

Here’s how to enter your Solo 401(k) contributions in TurboTax:

1. Open or continue your return in TurboTax, if you haven’t already
2. Locate the search bar in the top right of your screen, and search for self-employed retirement plans (be sure to include the hyphen). Select the jump-to link at the top of the search results
3. On the Self-Employed Retirement Plans screen, answer Yes to the question Did you make a 2021 self-employed retirement plan contribution?
4. On the next screen, answer Yes to Did you contribute to an Individual or Roth 401(k) plan?
5. On the next screen, to enter your employee contributions, enter your Elective Deferrals and any Catch-Up Contributions you made in 2021
6. To enter your company contributions, enter your Employer Matching (Profit Sharing) contributions for 2021 
7. If you haven’t made all your contributions for the tax year and would like TurboTax to calculate your maximum contributions for the year, check the box next to Maximize Contribution to Individual 401(k) and Continue
8. On the Adjusting Self-Employment Income screen, enter any changes you'd like to make to your self-employment income as it’s been calculated by TurboTax (this is rare). Enter a positive number if you’re adding an amount, and a negative number if you’re subtracting. Select Continue
9. If you checked the box next to Maximize Contribution to Individual 401(k), you’ll see Your Self-Employed Retirement Deduction. This screen shows the maximum amount you can contribute to your Solo 401(k) for the tax year

How do I enter a Solo 401(k) in TurboTax?