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I was looking for how to enter contributions for an Individual 401(k), actually. Got this very helpful information below from TT support: 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.
Plan contributions for a self-employed individual are deducted on Form 1040, Individual Income Tax Return, Schedule 1, and not on Schedule C. The "Jump to" link can be found using the magnifying glass in the top right-hand corner of the screen. To enter this into TurboTax, you will follow these steps:
I was looking for how to enter contributions for an Individual 401(k), actually. Got this very helpful information below from TT support: 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.
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