Solo 401k limitations and where to enter

[phongpei]

I am self employed and over 60 years of age.  I entered $26,000 as my deduction on line 6a of the Keogh SEP and Simple worksheet.  I know that the maximum deduction for this is $19,500 unless you are over the age of 50.  If over 50, the deduction is $26,000.  Why is saying I am in error if I put the $26,000.  The instructions say that the program will calculate the maximum allowable contribution.  Help--I keep on getting the error.  Am I entering the Solo 401k figure in the right place?

[ErnieS0]

No. On the Individual and Roth 401(k) Plans screen, split your contribution. $19,500 does into Elective Deferrals and $6,500 goes into Catch-Up Contributions.

Any profit=sharing contributions over and above the $26,000 goes into Employer Matching. You are considered an employer and employee if self-employed.

Also, if married, double check and make sure you are entering your contribution under your name and not your spouse's name.

[phongpei]

That was the answer.  Thanks so much for the correct response.....You're the best Ernie....