dmertz
Level 15

Get your taxes done using TurboTax

Check the amount on Schedule 1 line 16.  For a net profit of $57,000, your maximum combined employee elective deferral ($20,500) and employer contribution ($10,595) should be $31,095.  In the online version of TurboTax you can select Tax Tools -> Tools -> View Tax Summary -> Preview my 1040.  TurboTax automatically calculates the maximum combined contribution when you mark the Maximize box for an individual 401(k) contribution.

 

Note that the Your Self-Employed Retirement Deduction page shows the 2021 elective deferral limit of $19,500 even though the calculations are using the 2022 limit of $20,500.  This page also shows only the employer elective deferral, not the employer contribution.  Every year the TurboTax developers have difficulty making such simple corrections to the software and it can be well into January before the appropriate corrections are made.  At least this year they seem to already have the calculation correct.

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