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raziz1
Returning Member

Self Employed 401K-

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?

8 Replies
VolvoGirl
Level 15

Self Employed 401K-

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 

raziz1
Returning Member

Self Employed 401K-

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? 

dmertz
Level 15

Self Employed 401K-

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

VolvoGirl
Level 15

Self Employed 401K-

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.

macuser_22
Level 15

Self Employed 401K-

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
raziz1
Returning Member

Self Employed 401K-

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.

raziz1
Returning Member

Self Employed 401K-

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.

VolvoGirl
Level 15

Self Employed 401K-

Are you using one of the Intuit Professional programs?  

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

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