turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Tcranshaw
New Member

401k Pre-tax contribution

How can I categorize my 401K contribution in Self Employment, as an expense. Assume that SE does not estimate SE tax on on income with 401k as a pre-tax expense. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

401k Pre-tax contribution

A solo 401K is not a deduction on the Sch C so there is nowhere to enter it.  Only contributions by the employer to employee accounts are a deduction.  

 

To enter your self-employed retirement contributions in TurboTax, log into your tax return  (for TurboTax Online sign-in, click Here) and type "self-employed retirement" in the search bar then select "jump to self-employed retirement". TurboTax will guide you on entering this information.     

 

OR use the tax topics tool ... under the tax tools >> tools >> tax topics 

 

 

 

Tcranshaw
New Member

401k Pre-tax contribution

So this implies that my employer and employee contributions to my solo 401k is not a pre-tax expense that I can’t use/deduct from my SE income on quick books SE. 

401k Pre-tax contribution

I think you are confused ... the 401K contribution is an ADJUSTMENT to the return and NOT a deduction on the Sch C.   The adjustment means you do not pay federal taxes on the contribution just like any other employee but you DO pay SE taxes on the income ... the contribution is NOT exempt from FICA/SE  taxes. 

401k Pre-tax contribution

I am not sure how this is reflected in the accounting program again since this is an adjustment not a deduction. 

 

Ask them at QB support :   https://quickbooks.intuit.com/learn-support/en-us/open-programs/contact-support/00/433872

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question