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Turbo Tax does not allow me to add full self-employment retirement deduction
Hello,
My wife has an LLC, and works as self-employed and had a net profit of 11,500 in 2003 plus 2000 in January 2024. I am able to fill in the "Self-Employment Retirement Plans" part of the online tool, but whenever I add the full amount of 13,500 to the solo-401k line the tool says that it has an excessive contribution, even though the limit should be 22,500. It also sets the maximum amount to 10,500, instead of 11,500. Why is that? I am using Premium version.
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March 29, 2024
9:51 PM