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?
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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
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?
This is not the forum to be asking this question. This has nothing to do with TurboTax.
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.
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.
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.
Are you using one of the Intuit Professional programs?
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