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