Dodgerfan
Level 3
03-09-2024
04:03 PM
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My client is a self-employed taxpayer with a schedule C. He has an individual 401 (k) that allows both elective employee deferrals and employer profit sharing contributions. The taxpayer made a $2,000 elective deferral in 2023 and would like to make a 2023 employer contribution in 2024. The taxpayer also made an allowed $7,500 Roth contribution in 2023.
I entered the $2,000 elective deferral in the "total SE elective deferrals (except Roth) line on Screen 24.
Where do I enter the employer PS contribution?
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Level 8
03-11-2024
01:52 PM
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Screen 24 Code 10 "Profit-Sharing" If you hit F1 on that field, it will specify that this is the field to use for i401k ER contributions.
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