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I using Turbo Tax Home and Business Windows desktop version, and I have a question about form 1040 schedule 1 line 16 worksheet data entry. I navigate to the the following section:
-- Business
-- Business Income and Expense
-- Continue button
-- Click "I'll choose what I work on" button
-- Self-employed Retirement screen , click (Start/Update) button
-- Self-employed Retirement Plans screen, click Yes button
-- Individual and Roth 401(k) plans screen,
-- I entered individual 401(k) Elective Deferrals
-- I entered Catch-up Contributions
-- I entered Employer Matching (Profit Sharing) Contributions
-- Click Continue button
-- Adjusting Self-Employment Income screen, click Continue button
-- Keogh, SEP, and SIMPLE Contributions screen, Select <my name> radio button, click Yes
-- Keogh, SEP, and SIMPLE Plans screen, click Continue
-- Jay's Contributions screen, click Continue
-- Your Retirement Contributions screen, click Continue
-- Retirement Contribution Allocation screen
On this screen there is the following information/prompt:
"Enter the amount or your $nn,nnn.nn Keogh, SEP, 401(k) plan contribution deduction attributable to <my business name>."
I'm prompted to enter:
"Amount of Contribution Attributed to This Business" <with a edit field to enter the value>
I'm not sure what value I should enter here, and the Turbo Tax help, community discussions, and IRS publication 535 does not help me determine the proper entry.
I think I should total amount including all the previously entered values entered before (below for reference)
-- Entered individual 401(k) Elective Deferrals
-- Entered Catch-up Contributions
-- Entered Employer Matching (Profit Sharing) Contributions
since all contributions are from my business, and there is no contributions from other sources/businesses contributing to the 401(k) since none exist.
I would appreciate your help to determine what the proper amount to enter in this screen is.
Thanks, Jay
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Enter the total Keogh, SEP, and 401(k) plan contributions that came from your self-employed business.
The purpose of this question is to allow you to allocate contributions to more than one business, if you have more that one. Otherwise, you enter the total here.
Thanks for the information.
I wish the online and/or in App documentation would clearly share this kind of information/details. I wonder if someone at Intuit could add this information.
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