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WJLNYC
New Member

Individual 401k Contribution

I made a $10,000 contribution from my company to my individual 401k in 2019. I did not do this via paycheck withholding. Rather, I just sent the funds from my corporate checking account to the brokerage account directly. I believe I can enter that contribution directly into TT under the "Individual and Roth 401(k) Plans" screen. However, when I enter the amount, it does not seem to be adjusting my AGI, i.e. the deduction is not taking place. 

 

What do I need to do so that TT realizes I should have $10,000 less in taxable wages? 

 

OR do I need to somehow do a corrected W-2?

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3 Replies
MarilynG1
Expert Alumni

Individual 401k Contribution

Type 'self-employed retirement' exactly as shown in the Search area, then click on 'Jump to self-employed retirement'.

 

Continue through the section until you reach a screen titled 'Your Retirement Contribution'.

 

 

 

 

 

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WJLNYC
New Member

Individual 401k Contribution

I have TT Premier. It does not have a Self-Employment section. Do I need a different version of TT?

MarilynG1
Expert Alumni

Individual 401k Contribution

No, this will work in TurboTax Premier. 

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