Re: Turbotax applied my 401k contribution as an IRA contribution. I need to fix it

Turbotax applied my 401k contribution as an IRA contribution. I need to fix it

posted

TurboTax doe not apply your 401(k) contribution anywhere. It is only reported in box 12 on your W-2.

If you entered it in the IRA contribution section - remove it - it is NOT an IRA.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Since you are asking from TT Self-Employed, did you set up a self-employed 401(k) plan? If so, Individual 401(k) plans for the self-employed (also called solo 401(k) or solo-K plans) are entered in the Other Business Situations section of Income & Expenses in TurboTax.