Sch C line 19

Forum|Forum|3 years ago
November 6, 2022
1 reply
7 views

Do I use this line to report Solo 401(k) matching contributions?

Thank you.

Critter-3

Level 15

NO ... you are NOT an employee on your own Sch C so it is not treated as a deductible employee contribution... from the Sch C instructions :

Line 19
Enter your deduction for the contributions you made for the benefit of your employees to a pension, profit-sharing, or annuity plan (including SEP, SIMPLE, and SARSEP plans described inPub. 560). If the plan included you as a self-employed person, enter the contributions made as an employer on your behalf on Schedule 1 (Form 1040), line 16, not on Schedule C.

Critter-3

Level 15

To enter your self-employed retirement contributions in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here) and type "self-employed retirement" in the search bar then select "jump to self-employed retirement". TurboTax will guide you on entering this information.

OR use the tax topics tool ... under the tax tools >> tools >> tax topics