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In TurboTax Home and Business, please followthese steps:
Your reply to my question does not work. When I go to self-employed retirement in Turbo Tax Home & Business it asks if I contributed to a Keogh, SEP, SIMPLE, Individual 401(K), or Roth 401(K). I did not, I contributed to a single participant (solo) 401(K). The limits on these others plans is much smaller ($19,500) than the solo 401(K) ($61,000) and Turbo tax rejects my $49,838 contribution. Please advise a remedy for this issue.
According to the IRS, the one-participant 401(K) is the same as an individual 401(K) plan. When you go through the steps outlined by MinhT1, there will be a question that asks if you contributed to an individual or Roth 401 K plan. You will say yes and complete the section.
Please view this IRS publication as it addresses one-participant 401K plan one-participant 401K plan.
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