topic How to enter 401K Contributions in Business program in Deductions & credits

How to enter 401K Contributions in Business program

skap — Tue, 14 Apr 2020 06:01:09 GMT

For self-employed S-corp (no other employees) I received $30,000 in wages, of which $25,000 was contributed to 401K as employee contribution. In the Business program, for salaries/wages do I enter $30,00 or $5,000 ? W-2 Box 1 is $5,000.

Also, for retirement plan contributions, the PC employer contribution to 401K was $5,000. For that question I assume I enter $5,000, not $30,000 (which is total of both employer and employee contributions).

Thank you !

Re: How to enter 401K Contributions in Business program

AmyC — Tue, 14 Apr 2020 19:22:27 GMT

$5,000 was contributed by the company. Follow these steps:

Under Your Deductions
Under Compensation and Benefits
Select Retirement plan contributions, click Start
See Any retirement Plan for Shareholders?
Select Already contributed to a retirement plan for 2019
drop down appears, enter $5,000
Continue

Re: How to enter 401K Contributions in Business program

skap — Fri, 17 Apr 2020 22:26:44 GMT

Hi, that's what I had done but wanted to confirm. Thanks much Amy !