Where do I enter my self-employed 401k contribution? Turbotax says under other business situations under income and expenses but I don't see that section.
Where do I enter my self-employed 401k contribution? Turbotax says under other business situations under income and expenses but I don't see that section.
If you have no employees, follow the instructions below to enter the total of employer and employee contributions. These steps record the contributions under Business Deductions & Credits and the program transfers the expense to Schedule C Line 19.
To enter your self-employed retirement in TurboTax:
Open your return and go to Tax Tools in the left column.
Choose Tools >> Topic search, then enter self-employed retirement. Click the topic then Go. (In TurboTax for Desktop, use the Search box in the upper righthand corner.)
Follow the interview to report your total 401K contributions (employer plus employee).
If you have employees, the employees' contributions are included in W-2 wages. The employer's contributions are deducted as a business expense under Less Common Expenses / All Other Expenses >> Employee Pension plan / Pension Plan Contributions.