Reply To: solo 401K questions

Home Fairmark Forum Retirement Savings and Benefits solo 401K questions Reply To: solo 401K questions

#71843
deedee8712
Participant

Thanks Ruth. I tested with 2020 HRB Deluxe and it will even help one calculate the contribution limits based on one’s age and income if one selects “yes help figure my deduction”. I was initially confused by the title of the worksheet but the interview questions reference individual 401K AKA solo 401K.

The key thing is to enter the employee contribution when it asks for “elective deferrals” and the grand total (employee + catch-up + employer profit sharing) when it asks for “actual contribution”.