I am self-employed with a solo 401k. I have input the Employee elective deferral contributions and the Employer Matching contributions into TurboTax, but only the Employee contributions are being deducted. The Employer contributions are not being deducted from my income and therefore not reducing my tax liability.
Both employee and employer contributions should be reported in Schedule 1 (Form 1040), line 16, but Turbo Tax seems to only include the employee portion in the calculation. Is there a way to bypass this? Enter the employer contribution portion somewhere else in the expense or something?
Thanks!
