Two Solo 401(k)'s when filing jointly

majid
majid Member Posts: 1 Newcomer
in Credits/Deductions

I am filing jointly with my wife. We both have separate businesses and thus separate solo 401(k)'s. However, the website only asks if I have such a plan and never asks such a question about my wife. Is there a way to enter the information for both of our accounts?

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  • Austyn
    Austyn FreeTaxUSA Agent Posts: 35 image
    edited March 9

    Hi,

    Yes, you can enter both solo 401(k) contributions in the software! Here's how to do it for both you and your wife:

    1. Create a Schedule C for each of your separate businesses. To do this, navigate to Income > Business Income, and set up your separate Schedule C's. You'll need to do this for both of you; a Schedule C for yourself and Schedule C for your wife.
    2. Once that's done, go to Deductions/Credits > SEP Contributions. You will see there will be a section under SEP Contributions for both you and your wife.

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