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Fiat
New Member

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

 
2 Replies
macuser_22
Level 15

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

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.**
SweetieJean
Level 15

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

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.

 

 

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