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Level 2
posted Dec 20, 2022 2:29:58 PM

Profit sharing plan is not an option in "Any Retirment Contributions"

We have a S corp. We have a Profit Sharing Plan.

But when entering into Turbotax Business, Federal Taxes -> Deductions -> Any Retirement Contribuitions? page, there are only three options: SEP IRAs, SIMPLE IRA and 401(k), and 401(k) and other qualified plans. 

There is not the option such as Profit Sharing Plan.

How to handle it?

 

Thank you
Yu Liu

0 6 1571
2 Best answers
Level 15
Dec 20, 2022 2:53:57 PM

"other qualified plans"  =  profit sharing plan ... did you follow that section of the program ?   

Level 2
Dec 20, 2022 4:06:01 PM

Thank you for the reply!

But that option is "401(k) and other qualified plans". It has "and". Also and with "401(k)". It confused me. 

So I still need to choose "401(k) and other qualified plans" option, correct?

 

Thank you

Yu Liu

6 Replies
Level 15
Dec 20, 2022 2:53:57 PM

"other qualified plans"  =  profit sharing plan ... did you follow that section of the program ?   

Level 2
Dec 20, 2022 4:06:01 PM

Thank you for the reply!

But that option is "401(k) and other qualified plans". It has "and". Also and with "401(k)". It confused me. 

So I still need to choose "401(k) and other qualified plans" option, correct?

 

Thank you

Yu Liu

Level 15
Dec 20, 2022 4:07:56 PM

yes... follow the interview tree

Level 2
Dec 20, 2022 4:08:02 PM

Contribution to Profit Sharing Plan, not need put it into W2. Correct?

Level 15
Dec 20, 2022 4:10:59 PM

Employer matching or profit sharing contributions are not to be reported on your W-2.

Level 2
Dec 20, 2022 4:17:10 PM

Thank you so much for the reply!