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Retirement tax questions
Also I heard we can also contribute the entire solo 401k to roth (up to $66,000) by contributing the employer portion to the traditional 401k and then transfer to the roth 401k, but I am thinking how to correctly enter it in Turbotax. Do I enter the employer-matching (profit-sharing) portion on schedule C as a business expense and then add it to employee roth 401k contribution? But if we do this, Turbotax will give a warning when roth 401k contribution can't be more than $22500. Thank you so much!
March 12, 2024
3:16 PM