Self-Employed 401k plan contributions - employee and employer

bogleproof Member Newcomer
edited January 15 in Retirement Income

I started a Self-Employed 401k plan in 2023. Where should the employee and employer contributions be entered? Are they entered as a total amount in one field or separately? Does FreeTaxUSA check for excess contributions (employee and/or employer) for the Self Employed 401k plan? thanks



  • MatthewD
    MatthewD FreeTaxUSA Team

    I think you are referring to an SOLO 401(k), right? If so, all your contributions to your plan can be entered on the SEP Contributions page under "Enter your 2023 deductible contributions to your Keogh, SIMPLE, or other plan:".

    If you contributed to your employees' plan, then that goes on the Schedule C, Common Expenses, "Pension / Profit-Sharing Plans" expense.

  • danu
    danu FreeTaxUSA Agent

    Hello bogleproof,

    Your employer contributions will be entered by clicking Deductions / Credits » SEP contributions. This will be checked for excess contributions.

    As for the contributions for your employees, you will enter those as expenses on your schedule C. Specifically, in our site, you will enter it in the Common Expenses portion of the Schedule C. For this portion, you would not be penalized on your personal return if you had employees with excess contributions to their 401k, so our site does not check for that.