Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 17, 2025 8:06:47 AM

How can I reflect contributions to an individual 401(k) (also known as a solo 401(k)) for S-Corp in TurboTax? It works for Self employed income only

0 5 1450
5 Replies
Expert Alumni
Feb 17, 2025 8:11:56 AM

Please follow the instructions in this TurboTax Help article to enter your solo 401(k).

New Member
Feb 17, 2025 2:12:52 PM

Hello! 
thank you for advise!

should I use Adjusting Self-Employment Income?

 

Level 15
Feb 17, 2025 2:54:25 PM

The deposits into the 401(k) must be made by the S corp and reported on the S corp's tax return.  The S corp takes the deduction.  The S corp will report in box 12 of your W-2 with code D for traditional elective deferrals or code AA for designated Roth contributions.  When preparing your tax return, you will enter the W-2 and enter amounts in box 12 of the W-2 into box 12 of TurboTax's W-2 form, nowhere else in TurboTax.

 

The link provided by MinhT1 only applies to individuals who are self employed and you are not self-employed (except for the purpose of a self-employed health insurance deduction).  You are an employee of the S corp.

New Member
Feb 17, 2025 3:17:10 PM

S-corp accountant told me that I should make the contribution by myself and report it in 1040, so it was not reflected in W-2

Level 15
Feb 17, 2025 3:59:46 PM

Perhaps the S corp should consider using a different accountant.  Or maybe the the accountant was referring to making personal contributions to an IRA rather than contributions to an employer-provided retirement plan.  An individual 401(k) plan for an S corp must be established by the S corp.