Tax reporting one-person solo 401(k) contributions

Forum|Forum|1 year ago
May 10, 2025
1 reply
12 views

How are one-person solo 401(k) plan employee and employer contributions reported on the tax return of a sole proprietor in ProConnect Tax? Where in Input Return is the data entered? What category and what fields are used to input the data for the employee contribution and the employer contribution?

ProConnect Tax

This topic has been closed for replies.

Best answer by Accountant-Man

1040 page one Adjustments to Income from Schedule 1 line 16.

Accountant-ManAnswer

Level 13

1040 page one Adjustments to Income from Schedule 1 line 16.

** I'm still a champion... of the world! Even without The Lounge.

N

nmmsAuthor

Level 5

If I want ProConnect Tax to calculate the maximum Solo 401(k) employer and employee contributions for a sole proprietor, do I enter 1 in the Profit-sharing (25%/1.25) (1=maximum) field and 1 in the Total SE elective deferrals (except Roth) (1=maximum) field as shown below?

Can you explain when to use the Profit-sharing (25%/1.25) (1=maximum) field versus the Self-employed SEP (25%/1.25) (1=maximum) field?

Accountant-Man

Level 13

Test it yourself by putting an income on Sch higher than the maximum needed to maximize the deduction. Then you will learn which to use.

** I'm still a champion... of the world! Even without The Lounge.

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded