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john53
New Member

How do I categorize 401k deductions on my business tax return?

How do I categorized employee paid 401k deductions in Turbotax Business? Do I put them under "Salaries and wages paid, or under "Retirement plan contributions"?

I asked this same question earlier, and my question got deleted.

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2 Replies
PatriciaV
Employee Tax Expert

How do I categorize 401k deductions on my business tax return?

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AmandaR1
New Member

How do I categorize 401k deductions on my business tax return?

They are not salaries and wages because the contributions are before tax. They are 'Retirement plan contributions, fringe benefits' and if you search that phrase in the top right corner, while you are in the software, you'll be taken directly to the section.  

Be sure to enter contributions based on employees, employee owners or owners. Contributions for workers who are only employees (not owners) are deducted on the business return under employee benefit programs. 

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