My wife established a Solo 401(k) self-employed retirement plan; it is an individual 401(k) designed for a business owner with no employees and we file a Schedule C in her name only.
In TurboTax Home & Business desktop version, In the Business main category, I scroll down the page to Less Common Business Situations and under “Self-Employed Retirement” I checked the box “Maximize Contribution to Individual 401(k)”. Turbotax gave me a figure ($35,778) which I in turn contributed to my Solo 401(k) self-employed retirement plan for plan year 2021.
Turbo Tax shows the following:
Already Contributed - $0
Maximum Allowed to Qualified plans - $35,778.
Amount to Contribute by Plan due date --$35,778.
So, my question is do I do anything else? I'm worried that since Turbo Tax is showing Zero for amount contributed do I need to enter this somewhere or has this already been calculated and I don't need to anything else?
