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Level 2
posted Apr 13, 2020 11:01:09 PM

How to enter 401K Contributions in Business program

For self-employed S-corp (no other employees) I received $30,000 in wages, of which $25,000 was contributed to 401K as employee contribution. In the Business program, for salaries/wages do I enter $30,00 or $5,000 ? W-2 Box 1 is $5,000. 

 

Also, for retirement plan contributions, the PC employer contribution to 401K was $5,000. For that question I assume I enter $5,000, not $30,000 (which is total of both employer and employee contributions). 

 

Thank you !

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1 Best answer
Expert Alumni
Apr 14, 2020 12:22:27 PM

$5,000 was contributed by the company. Follow these steps:

  1. Under Your Deductions
  2. Under Compensation and Benefits
  3. Select Retirement plan contributions, click Start
  4. See Any retirement Plan for Shareholders?
  5. Select Already contributed to a retirement plan for 2019
  6. drop down appears, enter $5,000
  7. Continue

2 Replies
Expert Alumni
Apr 14, 2020 12:22:27 PM

$5,000 was contributed by the company. Follow these steps:

  1. Under Your Deductions
  2. Under Compensation and Benefits
  3. Select Retirement plan contributions, click Start
  4. See Any retirement Plan for Shareholders?
  5. Select Already contributed to a retirement plan for 2019
  6. drop down appears, enter $5,000
  7. Continue

Level 2
Apr 17, 2020 3:26:44 PM

Hi, that's what I had done but wanted to confirm. Thanks much Amy !