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Where do I enter Self Employed SE 401K for 2018? (not SEP, SIMPLE, KEOGH, Roth, Individual 401K, but SE 401K)

 
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dmertz
Level 15

Where do I enter Self Employed SE 401K for 2018? (not SEP, SIMPLE, KEOGH, Roth, Individual 401K, but SE 401K)

Answer Yes when TurboTax asks if you contributed to an individual 401(k).  TurboTax mistakenly uses the term "individual 401(k)" to refer to all types of self-employed 401(k) plans even though the self-employed retirement plan might cover more than one individual.  Regardless of the number of individuals covered by the plan, the self-employed individual's contribution is calculated the same way and reported the same way as it would be if the plan covered only one individual.

Note, however, that if your plan uses base employer matching or profit sharing rate of less than 25%, you cannot use the Maximize function to calculate your permissible contribution because your adjusted rate employer must be based on the same base rate as is used for the other participants in the plan.

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