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Kmorckel241
Returning Member

Using Turbo tax Home & business, where do I enter a solo 401K

 
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3 Replies
MinhT1
Expert Alumni

Using Turbo tax Home & business, where do I enter a solo 401K

In TurboTax Home and Business, please followthese steps:

  1. Open your return
  2. Click on Search at the top right of your screen
  3. In the Search box, enter self-employed retirement and click on the magnifying glass icon
  4. In the search result box, click on Jump to self-employed retirement
  5. TurboTax will take you directly to the section where you can follow the interview and enter tour solo 401(k).

 

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Kmorckel241
Returning Member

Using Turbo tax Home & business, where do I enter a solo 401K

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.  

DaveF1006
Expert Alumni

Using Turbo tax Home & business, where do I enter a solo 401K

 

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.

 

@Kmorckel241

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