Business & farm

Yes. You must use the special calculation for you the self-employed versus the employees. You can also use the check box to let TurboTax maximize your contribution.

• To determine the amount of his plan contribution, Joe (you the self-employed person) must use the reduced plan contribution rate (considering the plan contribution rate of 10%) of 9.0909% (10/110)  from the rate table in IRS Publication 560.  

  • Defined contribution plans. 

  • The deduction for contributions to a defined contribution plan (profit-sharing plan or money purchase pension plan) can't be more than 25% of the compensation paid (or accrued) during the year to your eligible employees participating in the plan. If you are self-employed, you must reduce this limit in figuring the deduction for contributions you make for your own account. See Deduction Limit for the Self-Employed Individuals later.

When you reach the self-employed retirement plans screen (Income & Expenses  > Other Business Situations > Self-Employed Retirement Plans) you can enter your information.