Tax Year Prior to 2020: Where do I enter my contribution made to the solo 401k in turbotax Self Employed?

Level 7

Jun 3, 2019 10:36:57 AM

If you are using TurboTax Online (i.e TurboTax Self Employed), then it's easier this year to use the search method to get to this section this year. You can easily reach this section by closely following the steps below -

Log into your account and click Take Me to My Return (you must click this first)
Enter the search term “self-employed retirement” ***(with the dash)*** in the search box in the upper right-hand corner
Click the "jump to self-employed retirement" link in the search results
Enter the contribution information in the screens that follow (see first screenshot below)

You can still reach this section with the step by step but you will need to back out of the Self Employed Section. This section is not found in the Less Common Business Situations and is instead found on the main income page under Other Business Situations. (See the second screenshot)

If you are using TurboTax Desktop software (i.e Home and Business), then you can still perform the same search as above in the search topics section of your program. But, you can also find this section on your "Let's gather your business info" page. Scroll down to Less Common Business Situations and click on Self-employed Retirement.

See the third screenshot for desktop software.

New Member

May 6, 2021 8:18:16 PM

I have tried the response given in the response above and it doesn't work as described.

I have made significant solo 401k contributions and I need a direct way to get there.

Keoghs and SEP's come up directly. I have spent 1-1/2 hours trying to get this answer.

Jeff

New Member

May 6, 2021 9:05:27 PM

Where are the "screen shots" that are mentioned?

Expert Alumni

May 9, 2021 4:47:42 PM

To be brought to this section in TurboTax Online, once you open your return, make sure to select Federal in the black column to the left and then select Wages and Income (or Income & Expenses if using the Self Employed Version) at the top right. Then scroll down to "Other Business Situations" - select Show More and then select Start or Revisit for Self-Employed Retirement Plans. From there, follow the screens to be brought to the section where you can enter amounts for your Individual 401K contributions.

If you are using the CD/download version of TurboTax, in the Home & Business version, you will need to open your return, then select Business at the top, click on I'll Choose What I Work On, then scroll down to Less Common Business Situations, and you will see the Self-Employed Retirement Plans section there where you can select Start or Update.

Screens from TurboTax Online Self Employed Version:

Why sign in to the Community?

Tax Year Prior to 2020: Where do I enter my contribution made to the solo 401k in turbotax Self Employed?