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massarob100
Level 1

How do I add transactions to record contributions to my solo 401k?

I make recurring pretax deferrals and matching contributions to my Solo 401(k). I don't see any way to enter that into Quickbooks self employed transactions. What do I do? These contributions would lower my income taxes, but not my FICA/FUTA.

1 Comment 1
NicoleAscencionS
QuickBooks Team

How do I add transactions to record contributions to my solo 401k?

I understand how important it is to record 401(k) contributions in your QuickBooks Self-Employed (QBSE) account, Massarob.

 

Currently, the option to categorize Solo 401(k) contributions in QBSE is unavailable. However, this option is available in QuickBooks Online Payroll. For now, you can classify these contributions as personal transactions.

 

That said, I highly recommend seeking advice from an accountant. They can guide you on properly accounting for deductions in your tax reporting and ensure your books are accurate.

 

You can also use our Schedule C and expense categories to help you manage and record your self-employed income and expenses.

 

You can always hit the Reply button if you have more queries about managing taxes in QuickBooks.

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