topic Can Turbotax do nondeductable individual 401k contributions in Business & farm

Can Turbotax do nondeductable individual 401k contributions

mark381 — Mon, 30 Mar 2020 02:05:18 GMT

I'm finding information that it's possible to do a nondeductible contribution to an individual 401k. (This is true, right?) How do I enter that in TT? I see that for a traditional IRA contribution it asks at the end if I want to make it nondeductible, but I don't see such a question in the individual 401k.

Re: Can Turbotax do nondeductable individual 401k contributions

jtax — Sun, 12 Apr 2020 14:10:19 GMT

I'm not sure there is anything for TT to do. I think the plan custodian will track that and only deductible contributions will be removed from your W2 box 1. What does your W2 box 12 code D include? Does it only include the deductible portion or all of your 401k contribution?

Some else might know more about it. I'm not sure, but that's my guess.

Re: Can Turbotax do nondeductable individual 401k contributions

mark381 — Sun, 12 Apr 2020 14:31:20 GMT

I'm not talking about the 401k that's administered by your employer. I'm talking about the individual 401k for self-employed.

Re: Can Turbotax do nondeductable individual 401k contributions

DoninGA — Sun, 12 Apr 2020 14:33:23 GMT

@mark381 wrote:

I'm not talking about the 401k that's administered by your employer. I'm talking about the individual 401k for self-employed.

Using the TurboTax Self-Employed online edition -

Click on Tax Tools on the left side of the program screen. Click on Tools. Click on Topic Search. Type in self-employed retirement. With the key words highlighted, click on GO.