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gan-nn
Returning Member

Turbo Tax Premium - Solo 401(k) - employer contribution not affecting tax due

I have a solo 401k and have maxed out the employee contribution as well as the employer contributions.

 

Only the employee contributions are being used in the math. So I separately added the employer contribution as a business expense (picked the Misc category - and labelled it as "Employer Contributions to Solo 401k")

 

Is this the correct way to do this from Turbo Tax Premium?  I am surprised it does not automatically do this. 

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1 Reply

Turbo Tax Premium - Solo 401(k) - employer contribution not affecting tax due

This makes sense to me. BUT one of the answers stated that contributions to your Solo 401k plan are not a business expense. When I researched that I get opposing answers. 

Your explanation makes sense to me. 

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