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karlthh
New Member

Amend 2021 Return Self Employed Individual K Contribution

Hello, I filed 2021 returns as married but filing separately (living together).

I may have erred as putting my Individual K contribution as a traditional IRA contribution as Turbo Tax said the amount could not be deducted.  However, I checked with financial planner and custodian and the contributions were made pre-tax.  I can't figure out how to amend my taxes using Turbo Tax to move that amount to the Inidividual Solo contribution. It seems I can do it if I was doing a fresh return but can't find any way to amend.  Any suggestions?  Thank you.

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4 Replies

Amend 2021 Return Self Employed Individual K Contribution

karlthh
New Member

Amend 2021 Return Self Employed Individual K Contribution

Thanks for the reply.  I didn't write that clearly enough.  I can get into the amend section of Turbo Tax, but can't actually figure out how to change the amount.  In the walk through feature if I was doing the return fresh, I can see where to input.  But in the amended section when looking at details it doesn't seem to give the same options unless I'm missing something. I don't know how to remove the original amount and place it in its proper section (solo contribution).

Amend 2021 Return Self Employed Individual K Contribution

Not sure what you did wrong so to fix it you just need to return to the "scene of the crime" so to speak.  Switch to the FORMS mode and click on the incorrect amount on the form it wound up on to data source where to make the correction.

 

A solo  401K contribution for a Sch C business is entered here :

 

If you are self-employed, you can enter your retirement contributions using these steps:

  1. Click FEDERAL (Business in the Home & Business version)  > Continue > I'll choose what I work on
  2. On the screen, Let's gather your business info, scroll down to the Less Common Business Situations section.
  3. Click on the Start/Update box next to Self-Employed Retirement. 
  4. On the Self-Employed Retirement Plans screen, click Yes.

 

 

The incorrect IRA contribution section is here :  

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-traditional-ro...

karlthh
New Member

Amend 2021 Return Self Employed Individual K Contribution

Got it. Thanks very much for your help!

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