This doesn't appear to work when you max out a Solo 401k. IRS allows for up 22,500 in 2023 up to 100% of your business net income. For some reason, H&R block will not allow the full contribution when using this menu option even with $80k in business income (after expenses). Is there a different place for a Solo 401k
@anthonytamalonis8 ай бұрын
You might need to contact H&R Block. Are you getting a specific error message? I didn't use H&R Block this year so I'm not sure if anything changed, and I was contributing less than the max prior years, so I never saw the issue you are reporting. I assumed H&R Block would let you put whatever number you want into that box, and that it was on your to calculate your maximum contribution taking into account the employee and employer portions. I use Fidelity's worksheet to make this calculation www.fidelity.com/bin-public/060_www_fidelity_com/documents/customer-service/401k-self-employed-owner-only-business.pdf As a reminder this is not financial advice.
@Daniel-s8y3c8 ай бұрын
Anyone know how to do this with the software version of H&R Block and not just the online version of it? Retirement plans are not listed in the software version for some reason. 🤕
@kanak13339 ай бұрын
Thank you, super helpful!! This is exactly what I need to know.
@zainkhan5494 Жыл бұрын
Any update since this
@anthonytamalonis Жыл бұрын
Honestly I haven't used this workflow since making this video. It was a proof of concept to potentially solve a problem faced by my team, but this was a bit clunky and they found other workarounds. Asana has made a lot of improvements to subtasks since this video was recorded. Is there anything in particular you are interested in?
@yogeshwarjay Жыл бұрын
Thank you Anthony! You just saved me $80 in specialist on-line consuting!
@gmiller4987 Жыл бұрын
Another note of interest: I entered Roth Solo 401K contributions into the 'qualified plans' field, not realizing that it deducted them (Roth Solo 401K contributions are technically 'qualified plan contributions', however, there's nowhere to specify whether these are Roth or Traditional Solo 401K contributions in H&R Block). I've just discovered that these were deducted. I don't believe there is anywhere within the form to enter Roth Solo 401K contributions, which is odd, but I guess makes sense if they are not deductible. Wish the program stated that to begin with.
@anthonytamalonis Жыл бұрын
That's a great point, thanks for sharing! I know with other Traditional IRA and Roth IRA contributions, you are still expected to enter your contribution/rollover information even if it isn't a taxable event or a tax deduction (due to income, etc), so it would make sense you should still report Roth Solo 401k contributions in some way. Maybe I'll just hire an accountant next year, hah
@CodeWithJude Жыл бұрын
Thank you so much for pointing out how to do this on HR Block! It directly applies to my scenario where I has a side business of just myself and contributed to a Solo 401K to take advantage of the tax deduction. I wish it was not so hard to find in HR Block, and I wish I did not have to pay the extra $25 add on for a self employed filer.
@anthonytamalonis Жыл бұрын
So glad this helped! Yeah, the extra fee can be a pain, but at least you can write that fee off next year. I did write off some larger business expenses this year and they made it pretty easy to claim the full cost vs amortization. A real accountant can be much more expensive, though I might consider that route next year to make my life easier.
@abigailtardiff8206 Жыл бұрын
This year I forgot again and googled again and found your helpful video again! Thanks again!
@lazzerchicken Жыл бұрын
How i was made
@dgdiyer11912 жыл бұрын
Are you using the "Premium" or "Premium & Business" version of their software? Does anyone know if this will work with the "Deluxe and State" version?
@anthonytamalonis2 жыл бұрын
I believe you need the highest tier "self-employed" in order to add Schedule C small business income, and the Solo401k contribution is part of the same module in HR Block. Hope that helps.
@ghostrider28912 жыл бұрын
What laser is it
@anthonytamalonis2 жыл бұрын
Synrad Firestar i401, 400W CO2 laser
@elizabethcummings78862 жыл бұрын
PЯӨMӨƧM
@abigailtardiff82062 жыл бұрын
Thank you! I was having the exact same problem. That was so kind of you to put this info up for people like me.
@anthonytamalonis2 жыл бұрын
You are so welcome!
@annebuzzini68652 жыл бұрын
Thank you! I tried speaking with several people at H&R Block and no one could answer this question.
@anthonytamalonis2 жыл бұрын
I'm so glad this was helpful, and thank you for letting me know!
@anthonytamalonis2 жыл бұрын
Timestamps 0:00 Intro 1:38 Tax forms related to your contribution 2:13 Setup business profile in HR Block 2:50 Business expenses - HR Block vs Schedule C 3:55 'Retirement account contributions' in HR Block 4:59 Confirming no change to net profit 5:35 Calculate your Solo401k contribution - Schedule SE 6:23 Calculate your Solo401k contribution - Fidelity's worksheet 7:30 Again, where to enter your contribution in HR Block 7:44 Outro
@Jessica-ol1kc2 жыл бұрын
i'm pretty sure this is wrong and you are supposed to put in what you contributed as the employer
@anthonytamalonis2 жыл бұрын
@@Jessica-ol1kc My goal with this video is to show how to use H&R Block to enter a value in line 16 on the 2021 Schedule 1 tax form. If it's appropriate for you to enter a value in line 16, then use the "retirement account contribution" item in HR Block. I'll leave it to tax professionals to determine the correct values to enter in the correct boxes.
@binitpanda3 жыл бұрын
Can you share a I2C example as well. Thanks!
@anthonytamalonis3 жыл бұрын
Unfortunately I no longer have access to that device and I never tested I2C while I had it. You can download the drivers and build an I2C script to see how the code functions and if you can build enough commands into your script, but you wouldn't be able to run the script without the device. I'd be curious to see what the I2C signals look like if you end up getting one!
@marciojnascimento58944 жыл бұрын
hello, good afternoon, I couldn’t get 3D, STP, Solidworks or STL files, so I can make one for myself. I'll be very grateful. [email protected]