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Solo401k not calculating correctly
My self-employed income net is about 57000. I have no other income. I'm a sole proprietor, business is just me.
Any calculation I use says that I should be able to put about $31,000 total in: $20,500 "employee" contribution, and additional $10,500 "employer" contribution (both are me).
Turbo tax says I can only put in $19,500 total. If I enter in the 20,500 and 10,500 numbers nothing changes from if I just click "max account" and it puts $19,500. Please help.
‎December 28, 2022
4:33 PM