I am over 50 years of age and am using Turbo Tax for Home
and Small Business 2018 and am working on my SELF-EMPLOYED RETIREMENT PLAN.
In my case, I have earned enough money to enable me to make
contributions to my:
INDIVIDUAL 401K ELECTIVE DEFERALS
EMPLOYER MATCHING (Profit Sharing) CONTRIBUTUIONS.
I have chosen to check the box to have Turbo Tax MAXIMIXE MY
CONTRIBUTIONS TO INDIVUDUAL 401(k).
Turbo Tax, in turn. tells me my maximin allowable contribution
to my 410(k) plan which is $24,500 and then on the summary screen tells me the
amount that it has ALREADY CONTRIBUTED TO ALLOWABLE PLANS.
I’m assuming that if I subtract the $24,500 from the Maximum
that Turbo Tax has contributed to allowable plans, that I arrive at the amount
of money contributed by my EMPLOYER MACHTING (Profit Sharing) CONTRIBUTIONS.
If this is assumption is correct, where in Turbo Tax can I check to
confirm the actual amount the Turbo Tax has allocated to my Employer Matching
Also, by what date does my employer (which is me) have to
make that contribution?
By what date do I have to make the $24,500 contribution to
my Individual 401K?
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This is the Second Time I have posted this question. Please answer
the questions at the end of this post in which I ask where in Turbo Tax should
I enter specific information.
I am using Turbo Tax for Home and Small Business and am
working on my SELF-EMPLOYED RETIREMENT PLAN.
On the screen in which I enter my 2018 CONTRIBUTIONS, I have
checked the box to have Turbo Tax MAXIMIZE MY CONTRIBUTIONS TO INDIVIDUAL IRA.
Turbo Tax calculated this number to be $38,936.
In a previous TURBOTAX ANSWER EXCHAGE it was explained to me
that $24,500 of that $38,936 is an ELECTIVE DEFERRAL and that the remaining
$14,436 is the EMPLOYER CONTRIBUTION.
Am I correct in assuming that the $14,436 is entered on the
same screen as above, in the box associated with the heading EMPLOYER MATCHING
(Profit Sharing) CONTRIBUTION?
Also, at the and of the interview for this section, Turbo
Tax asks me the following:
Enter the amount of $38.396 Keogh, SEP, Simple or 401 (k)
plan contribution deduction attributable to [MY COMAPNY NAME}.
Should the amount for the preceding be the $14,436 Employer
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I am the sole proprietor of a small business. I am using
Turbo Tax for Home & Small Business, entering information in the SELF-EMPLOYED
RETIREMENT PLAN section. When it asks DID YOU CONTRIBUTE TO AN INDIVIDUAL OR
ROTH 401 (k) PLAN, I say YES. When asked for my 2018 CONTRIBUTION to these plans,
I check the box to MAXIMIZE MY
CONTRIBUTION to a 401K. Turbo Tax tells me that my MAXIMUM 410K CONTRIBUTION is
$24,500. When asked if I contributed to a Keogh, SEP or Simple Plan, I say NO. When I get to my Retirement Contributions page is says that my MAXIMUM ALLOWED
TO QUALIFIED PLANS is $38,973. How did I get from $24,500 to $38,973? The
difference is $14,473. Where do I contribute this amount of $14,473?
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