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Level 2
posted Apr 9, 2025 2:54:40 PM

Smart check issue

Hello. When TurboTax ran Smart Check, it highlighted a missing field on a form I didn't recognize. That form had a line item showing a retirement plan contribution of a little over $6000 and the line below it asked how much of that was for the "trade or business" on a Schedule C. Smart Check asked me to populate that line, and since I wasn't sure, I filled in the exact same amount as the line above (I think it was $6,717) and then my tax liability rocketed up by that whole amount. I think I should have put zero, but now I don't know how to gert back to that form because I didn't note the form number or name and can't find this again anywhere in TT to correct it. Please help or ask me for more info if needed. Thanks!

0 3 2930
3 Replies
Expert Alumni
Apr 9, 2025 3:11:23 PM

Are you using Home and Business Desktop or Self-Employed Online or something else? 

 

Also, did you contribute to an IRA or other retirement account? 

Level 2
Apr 9, 2025 5:51:43 PM

Home & Business Desktop> I believe I just found it by backtracking again, and I think that entry should indeed have been zero. I appreciated your reply however. I do still need to figure out why it's calculating total combined contributions for a Tradiional IRA and Solo 401k in excess of net income. Will look into that tomorrow unless you have a thought on it. Thanks again.

Expert Alumni
Apr 9, 2025 8:03:38 PM

If you are basing it on Self-Employment income, you also need to account for half the self-employment tax when figuring that income. It can't be the full amount reported on Schedule 1.