How to enter Form 8881 individual module for single member LLC

Forum|Forum|4 years ago
March 18, 2022
1 reply
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I have a single member LLC client reporting on a Schedule C. Started a 401(k) plan for 20 employees. How do I enter admin costs for the Form 8881 and where do I enter the cost reduction on the Schedule C?

Thank you.

Lacerte Tax

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qbteachmt

Level 15

The IRS has instructions:

https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-credit

That includes the update for the SECURE Act, too.

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A

aeh-cpaAuthor

Level 3

Thank you but I was looking for specific information on how to enter the information into Lacerte for a Schedule C. I entered the eligible costs in screen #34 Other General Business Credits but I don't see a specific field to enter the cost reduction in the Schedule C input. Do I just subtract the credit amount from the Administrative and education costs field?

Thanks.