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Retirement tax questions
Follow the instructions in this article to enter your contributions to a Solo 401K: How do I enter a solo 401(k) in TurboTax? You'll find this section under Business Expenses but it's easier to use the search function for "self-employed retirement plans."
In order to avoid penalties, you must withdraw the excess contributions no later than the filing date of the tax return for that year. TurboTax will alert you to an excess contribution amount, but you need to manually adjust the contribution amount for any excess withdrawn before the deadline. In other words, enter no more than the maximum allowed for your situation.
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‎January 21, 2024
7:36 AM