Self Employed IRA

yellowlabjack — Fri, 12 Jun 2020 15:10:03 GMT

I need advice about the Sole Proprietor 401k in Tubo Tax 19:

Turbo tax 2019 wants me to enter only 19,000 for my sole proprotor 401k, but the Internet says the following:

"Solo 401(k) Contribution Limits for 2019
The maximum amount a self-employed individual can contribute to a solo 401(k) for 2019 is $56,000 if he or she is younger than age 50. Individuals 50 and older can add an extra $6,000 per year in "catch-up" contributions, bringing the total to $62,000."

Turbo tax 2019 says to repay the difference. I contributed 59500 for myself (I am 50 years old) and 500 for my wife.

Please advise. I do not want to file an incorrect tax return.

I possibly have entered the IRA into the wrong location. Please help. Walter Timm

Re: Self Employed IRA

macuser_22 — Fri, 12 Jun 2020 15:30:04 GMT

A 401(k) is NOT an IRA and does not get entered in the IRA section at all. If self-employed and it is a self-employed plan then it gets entered under Business Income and Expenses, Self-employed Retirement.

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Self Employed IRA

Re: Self Employed IRA