topic Re: Self Employed 401K- in Self employed

Self Employed 401K-

raziz1 — Wed, 30 Dec 2020 23:36:14 GMT

Since there is no required reporting of contributions unless contributions are in excess of $250,000 how will I know if a client actually made contributions?

Re: Self Employed 401K-

VolvoGirl — Wed, 30 Dec 2020 23:38:30 GMT

Huh? What client? Why do you need to know if someone else made a contribution? You need to enter all contributions. What reporting is only for over 250,000? That doesn't sound right. @dmertz

Re: Self Employed 401K-

raziz1 — Wed, 30 Dec 2020 23:46:15 GMT

Since self employed 401K are self directed and contributions are reported on Schedule 1 to determine the adjustment to income and the custodial entity has not reporting requirement to inform the IRS of contributions how does one know if a client contributed $19,500 or simply nothing? In other words are there any check and to protect us as tax preparers?

Re: Self Employed 401K-

dmertz — Wed, 30 Dec 2020 23:48:59 GMT

This is not the forum to be asking this question. This has nothing to do with TurboTax.

Re: Self Employed 401K-

VolvoGirl — Wed, 30 Dec 2020 23:48:30 GMT

Oh, you are a tax preparer? This is a forum for self prepared Turbo Tax returns. You can't use Turbo Tax as a preparer. You need to ask another professional forum.

Re: Self Employed 401K-

macuser_22 — Wed, 30 Dec 2020 23:54:05 GMT

It is not legal for a paid preparer to use TurboTax per IRS regulations and the TurboTax license agreement.

Re: Self Employed 401K-

raziz1 — Thu, 31 Dec 2020 00:02:11 GMT

Please pardon me I thought I was in the tax forum, I'm new to Intuit and of course I wouldn't use Turbo Tax to prepare a return. Anyway I have reached out to my hiring manage to get to the correct forum to discuss various tax topics.

Re: Self Employed 401K-

raziz1 — Thu, 31 Dec 2020 00:04:36 GMT

Please pardon me I thought I was in the tax forum community, anyway I have reached out to my division manager to get to the right place to discuss various tax topics.

Re: Self Employed 401K-

VolvoGirl — Thu, 31 Dec 2020 00:11:02 GMT

Are you using one of the Intuit Professional programs?

https://proconnect.intuit.com/community/