In TurboTax Home & Business desktop version, you enter your 401k contributions by following these steps:
- In the Business main category, scroll down the page to Less Common Business Situations.
- Select Self-Employed Retirement
On the page in TurboTax where you will enter the amounts you have contributed to your respective 401k plans, TurboTax provides the following information regarding the amounts you can contribute:
- Limits on Contributions:
- Elective deferrals (contributions) to an Individual or Roth 401(k) plan must be coordinated with any other elective deferrals to ensure that the total does not exceed $19,500 ($26,000 if age 50 or older) for the year. Other elective deferrals include deferrals to employer provided retirement plans shown in Box 12 of Form W-2 and any contributions to a SIMPLE plan. Review all your elective deferrals for the year to be sure you have not exceeded the maximum.
You are correct in that if you are at least 50 years old, you can contribute an additional amount of $6,500 to each of your 401k plans.
If you are using TurboTax online version, to enter your 401k contributions, follow these steps.
- Go to the Income & Expense category
- Scroll down the page to Other Business Situations
- Click on the drop-down arrow to reveal more information if necessary.
- Select Self-Employed Retirement Plans
@BertMerc
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