topic Had both a 401k and an independent 401k this year. contributed max elective deferrals to the regular 401k. How do I enter $6000 I contributed as "employer contributions? in Retirement tax questions

Had both a 401k and an independent 401k this year. contributed max elective deferrals to the regular 401k. How do I enter $6000 I contributed as "employer contributions?

ufmichael — Mon, 03 Jun 2019 20:35:33 GMT

I have maxed out an employer sponsored 401k at 18,500. Later in the year I worked as an independent contracted and started an independent 401k. I contributed $6k as the employer. It seems TT only allows me to enter these contributions as "matching contributions" They weren't matched to anything. How can I use TT to determine how much I can contribute as an employer to the i401k and how can I properly enter these figures?

The the "Employer Matching Contributions" box is also for...

dmertz — Mon, 03 Jun 2019 20:35:35 GMT

The the "Employer Matching Contributions" box is also for profit sharing contributions to the individual 401(k). However, since you've already maxed your elective deferrals for the year with another employer, it would be better to enter the $6,000 as a SEP or Profit Sharing contribution on the Keogh, SEP and SIMPLE Contributions page since entering it as a 401(k) employer contribution will not allow TurboTax to limit the deductible amount to only the permissible employer contribution. The calculation for SEP and Profit Sharing contributions is the same as the calculation for the employer part of an individual 401(k) and is reported in the same way on Schedule 1.