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magicsound777
April 8, 2024
Question

The company I worked for in CY23 did not have a 401K plan. I contributed to a self-employed 401K plan through Fidelity. How do I lower my gross income in TurboTax ??

  • April 8, 2024
  • 1 reply
  • 0 views
I'm hoping to lower my gross income by the contributed amount like I expect for a company 401K.

1 reply

V
Vanessa A
April 8, 2024

Were you self-employed, or just contributed to a plan on your own?

 

If you were self-employed, you would enter the contributions in the Business Income and Expense section under less common Business Situations>>Self-Employed Retirement.

 

How do I enter a Solo 401(k) in TurboTax?

 

If you are not self-employed, contributions to a 401K are not deductible.  Contributions to a an IRA are deductible for individuals. 

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