How to enter both Individual Roth 401K information and Roth IRA information

Forum|Forum|3 months ago
April 8, 2026
1 reply
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I was self-employed part of 2025 and have an Roth Individual 401K I want to contribute to. My gross income was $8073 so I plan on contributing that amount as the employee. My net income was negative so I will not be contributing any as employer. Sound correct? Where do I enter these on TT screen? It refers to Individual 401Ks or Roth 401Ks but not accounts that are both... a Roth Individual 401K.

I also want to maximize my total contributions for the year via a separate Roth IRA. I am 63 and eligible for a catch up payment (totaling $8000 correct?). Where do I enter this?

Thanks!

TurboTax Business Windows

dmertz

Level 15

"My net income was negative"

Then you are not permitted to make any kind of retirement contribution. You must have net profit to be able to make either a self-employed retirement contribution or an IRA contribution.

slizTTAuthor

Level 2

I should have been more clear. My self-employment net income was negative. But I had W-2 wages in excess of $65,000. Based on more research that I have done, it looks like I can contribute $8000 ($7000 + $1000 catchup, I'm 63) to my Roth IRA. But I cannot contribute anything to my Individual Roth 401K either as an employee or as an employer. Does this sound correct?

dmertz

Level 15

Correct. As long as your MAGI for the purpose of a Roth IRA contribution does not exceed the threshold for your filing status, you can contribute to a Roth IRA, supported by the amount in box 1 of your W-2 minus any amount in box 11.