topic Solo 401K Contribution in Retirement tax questions

Solo 401K Contribution

jwkwan2000 — Sun, 30 Jan 2022 17:44:00 GMT

I am filing the first time as a self-employed and need to know which edition of Turbotax supports solo 401k contribution filing. I have read some posts about not seeing tax owed change after they entered 401K amount. If this is related specific edition, I want to know which edition I need to purchase.

Re: Solo 401K Contribution

AliciaP1 — Mon, 31 Jan 2022 21:01:47 GMT

To file the information for your solo 401k you can use either TurboTax Online Self-Employed or TurboTax Desktop Home & Business. The solo 401k information goes along with your business income and expenses.

Re: Solo 401K Contribution

jwkwan2000 — Wed, 02 Feb 2022 14:12:27 GMT

Thank you Alicia. Do you know if the software check or recommend the maximum you can allocate base on income?

Re: Solo 401K Contribution

RaifH — Wed, 02 Feb 2022 14:49:03 GMT

Yes, both the TurboTax Online Self-Employed and TurboTax Desktop Home & Business feature a button that will allow you to maximize your contribution as long as you make the contribution by April 18, 2022.

Please note that the maximum contribution does not necessarily mean the entire amount of the contribution is deductible, which may be the issue in the other threads you are encountering.