Retirement tax questions
Yes, you can elect to not have an employer plan for your LLC this year. Is it an S-corp where you pay yourself via W-2? If so, you just need to correct that checkbox both in TurboTax and via a corrected W-2 filing (so it matches IRS databases.)
If you don't have a W-2 with this marked, you want to be sure that there are no numbers listed in the "pension plans" section of your expenses for your business and that you've not completed the self-employed retirement worksheets. If you entered that section to test for the potential contribution, you may need to delete the associated worksheet from your forms. In the desktop version of TurboTax you do this by clicking on the Forms icon in the upper right then looking for the form in the column on the left.
In TurboTax online follow these steps:
- From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
- On the drop-down select Tools
- On the Pop-Up menu titled “Tools Center,” select Delete a Form
- This will show all of the forms in your return
- Scroll down to the form you want to delete (SEP Wks)
- Select the Form
- Click on Delete.
Always use extreme caution when deleting information from your tax return. There could be unintended consequences.
