401k Elective Deferrals

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Under the business income and expenses tab for Individual and Roth 401k plans. Do I enter my employer elective deferrals in the tab input and my employer matching contributions in tab input?

TurboTax Home & Biz Windows

DianeC958

Alumni - Intuit

You only enter your employer matching contributions. The amount the employees are contributing was withheld from their pay so that amount is not deductible for the business.

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mach_oneAuthor

Level 2

I better start over and explain. The first few months of the year I was SE then got a job with another employer. That employer I elected to defer into the 401k and they matched. So I only enter the matched contribution from my employer? My elective deferral and matching would be with the other employer. I was SE so only a single employee. I'm trying to determine how much I can contribute to my SEP.

LindaB1993

Alumni - Intuit

SEPs can get set up to contribute up to 25% of salary up to an annual maximum, and that amount is going up in 2019. Maximum contributions are $56,000 in 2019, up from $55,000 in 2018 and marking the third straight year of annual increases..

Do your 401k contributions reduce the amount you can contribute to a SEP IRA?

The answer is no, assuming that the 401k and SEP IRA are with two different companies not under common control. Why? While the employee contribution limits to a 401k are per person, the employer contribution limits (including a SEP IRA for the self-employed) are per plan.

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