Smart check issue

Forum|Forum|1 year ago
April 9, 2025
1 reply
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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!

Ask the Experts - Tax Due - April 2025

KrisD15

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?

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cristolttAuthor

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.

KrisD15

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.

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