how to find self-employed 401k contribution info in TurboTax?

[likesky1010]

I use the TurboTax Home&Biz desktop edition to do my tax returns. The TurboTax will give me a number I can contribute based on my situation each year. Each time Fidelity asks me for some detailed information about the contribution, such as the employee portion, and employer portion, ..... Is there a way to find this information in the TurboTax?

[PatriciaV]

Yes. The Self-Employed Retirement topic is found under Business Deductions. As you work through that topic, TurboTax will provide the information you need.

[likesky1010 · Accepted solution]

In case somebody else needs it.

Steps to View 401(k) Contribution Details:

1. Open your return in TurboTax Desktop.

2. Go to the “Forms” mode (click on the “Forms” button in the top right).

3. In the left sidebar, scroll to find and open:

   • Keogh, SEP, and SIMPLE Contributions Wks
     (even if you're using a solo 401(k), TurboTax puts it here)

4. Look for the section labeled “Self-Employed Retirement Plans”.

5. You’ll see:

   • Net Profit from your Schedule C

   • The calculation of the allowable contribution, including:

     • Elective deferral (up to $23,000 for 2024 if under 50, or $30,500 if 50+)

     • Employer profit-sharing portion (up to 20% of net earnings)

   • Total allowed contribution.

[likesky1010]

Steps to View 401(k) Contribution Details:

1. Open your return in TurboTax Desktop.

2. Go to the “Forms” mode (click on the “Forms” button in the top right).

3. In the left sidebar, scroll to find and open:

   • Keogh, SEP, and SIMPLE Contributions Wks
     (even if you're using a solo 401(k), TurboTax puts it here)

4. Look for the section labeled “Self-Employed Retirement Plans”.

5. You’ll see:

   • Net Profit from your Schedule C

   • The calculation of the allowable contribution, including:

     • Elective deferral (up to $23,000 for 2024 if under 50, or $30,500 if 50+)

     • Employer profit-sharing portion (up to 20% of net earnings)

   • Total allowed contribution.

[DawnC]

And you can get to the interview in the Less Common Business Situations section.

TurboTax Desktop:

TurboTax Online: